Smw0304, Home Buyer in Oxford Circle/ Castor,...

My fiance and I have both recently (within the last 2 months) gotten new jobs. How long before we can be considered to purchase a home?

Asked by Smw0304, Oxford Circle/ Castor, Philadelphia, PA Sun Oct 16, 2011

My yearly salary is 39,000 and his is about 38,000. About how long will the bank require us to have been with our employers before we can take out a mortgage? We are looking into foreclosures because we are currently renting and believe we could afford a low mortgage with a foreclosure.

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14
Hi,
Provided you have been consistently employed or in school for 24 consecutive months, you should not have a problem getting approved for an FHA mortgage. Of course, credit needs to be atleast a 680 FICO score.

Good Luck with the home search. Should you have any questions, or would like like professional assistance to help you through the home purchase process, please feel free to call me anytime.

All the best,
Larry Lichtman
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994
Web Reference: http://www.DJCRE.com
1 vote Thank Flag Link Mon Oct 17, 2011
Please call a lender to discuss your specifics. Changing jobs is often ok.
0 votes Thank Flag Link Mon Oct 17, 2011
Hello SMW- Oxford Circle St Martins Parish / Northwood was my neighborhood as a youngster.That's when there was a SEARS on the Blvd Anyway..... Your new JOB? Congrats to U2.

The Mtg Co's will look at how much of a gap occurred between the Old + the New Job and..... if there has been an increase in salary.

Please be selective on WHO pulls your credit , If you need a Pro to cover Your ASSets.... feel free to shout back.

All the Best John Curci 215-757-2889
Web Reference: http://www.HomeCatch.com
0 votes Thank Flag Link Mon Oct 17, 2011
Hi to you and your fiance -- and congratulations on your engagement!

It depends on if we make a case that you are in the same industry. You typically need about 2 years of employment in the same industry. I notice some of my colleagues below say 6 months, but I have been told 2 years, so I would just verify that.

Also, buying a foreclosure is a great idea, but ofttimes their maintenance has been ignored, so is very hard to get an FHA mortgage for as you would need to do repairs PRIOR to moving in.

But I can work with you and explain to you all your options.

The FIRST step is to meet with you and have you speak to one of my trusted mortgage reps. Please let me know if I can buy you and your fiance a cup of coffee up near you.

By the way, Sotheby's is a luxury real estate company, but we handle all price ranges -- but YOU still get the luxury treatment!

Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
856.617.1212 mobile
eric@axelsongroup.com
Web Reference: http://kurfiss.com
0 votes Thank Flag Link Mon Oct 17, 2011
My name is Phil Cunningham I am with V.I.P. Realty Corp at 7942 Bustleton Ave Philadelphia, PA19152 and I would like to discuss this in person with both you and your fiancé. As others have posted there are a few things you both need to do. There is a program that you may be able to take advantage of its call http://WWW.NACA.com I have their paper work in my office and you can stop by and pick up a copy at no charge and no strings attached. Please call me at my office 215-725-5700 or cell at 267-934-1971. Most programs look at your overall employment history and not just how long you've been with your current employer. Again if you both want to stop in I'll be able to help you understand the home buying process in detail, and face to face at no cost.
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Mon Oct 17, 2011
Good morning. That's great that you've decided to become homeowners! First- I do recommend speaking to a lender to get your full range of financing options. This will give you the bigger picture of how much you're pricing range is going to be and balance this with your monthly budget and expenditures.
I highly recommend Trident Mortgage Company (web link below)- they continue to do a great job with many of my buyers. Looking at and finding your home is the fun part! I'd be more than happy to help you and your fiance. If you have any questions, reach me via email or cell.
Have a great start to the week!
Robert
0 votes Thank Flag Link Mon Oct 17, 2011
I would recommend as well that you speak with a lender. If your employment is in the same field, there should be no issues in obtaining a loan. I have lenders that can offer you a free pre-qualification if you want to see what your options are. If you do land up requiring the 6 months of new work experience, maybe you should look into a short term lease purchase. There are sellers out there that would entertain an arrangement like that.

Please keep in mind that foreclosures and bank owned properties typically cap the amount that they are willing to assist a new buyer. An assist is when a seller pays a good portion of your closing costs as part of your offer on the property. If you are short on money for closing costs/ down payment, than this could very well be an issue. Please feel free to contact me for more details.

Emily Landis Torres
Realtor, PA Licensed since 1993
RE/MAX Central
1110 N. Broad Street
Lansdale, PA 19446
Phone: 215-362-3100 ext 1793
Direct: 267-640-2327
Fax: 267-354-6866
Email: emily@emilyshomeinfo.com
Website: http://www.emilyshomeinfo.com
0 votes Thank Flag Link Sun Oct 16, 2011
Hi Smw0304

I agree with my peers: you should speak to a lender.

Pre-qualification takes approximately 15 mins and you can do it on the phone. It's a first idea based on the information you'll provide. If you get pre-qualified and that kind of motivates you to look more seriously into buying a property, then contact your lender to get pre-approved. This will give you an accurate idea of what price range you can afford.

Here are the basics of what criteria lenders take into consideration:

- Your job history
- Your down payment and savings
- Your debt/income ratio (it's now up to 45%. It was 28% many years ago)
- Your credit score

NB: New FHA guideline to FICO score requirement (lower scores ok for FHA approved property- ask your lender about this)

Contact your local Realtor for a list of lenders if that can help you.

Good luck

Mimi
0 votes Thank Flag Link Sun Oct 16, 2011
You should be fine but definitely get prequalified by a mortgage lender because there are other factors we consider.
0 votes Thank Flag Link Sun Oct 16, 2011
If you both were recently employed, as long as you changed jobs from the same type of work, you can get a mortgage. However, if this is a new job and you both did not obtain a degree to get the jobs, then you should check with a mortgage company to see how many pay checks you will need to qualify for a mortgage. Wells Fargo can help you, Home Source Mortgage or anyone you feel comfortable with as a mortgage broker then I suggest calling and start to ask questions. Before allowing anyone to run your credit, get the most information as you can from them first. As a first time buyer, you can go as little as 3.5% down and may be able to get up to a six percent seller assist. As for HUD Homes (Bank owned) I check daily on the HUD site for Philadelphia, Montgomery and Bucks Counties. Call me so we can further discuss your needs and perhaps you would like to set up a meeting face to face to discuss your options. Sheri Curci Remax Properties
0 votes Thank Flag Link Sun Oct 16, 2011
Good Evening,

I will be happy to put you in touch with my lender. Depending on credit and income documentation you can provide you can find out if and how much you can be preapproved for rather quickly,

Feel free to contact me at 267-688-1110

Warm Regards,

Keith J. Lawson
REALTOR®
RE/MAX Affiliates N.E.
9237 Frankford Ave.
Phila, PA 19114
267-688-1110 (cell)
215-992-5534 (office)
LawsonRE@gmail.com (email)
http://www.keithlawsonhomes.com (web)
Member- N.A.R.,P.A.R.,G.P.A.R
Member - AREAA Philadelphia Metro
Follow me on Facebook at http://facebook.com/keith.j.lawson
Follow me on Twitter http://twitter.com/#!/KEITHJLAWSON
0 votes Thank Flag Link Sun Oct 16, 2011
Hello,

If you were working then switched jobs you should be okay to get a mortgage after you receive your first full pay check from the new employer as long as you didn't have a gap of employment of more than 6 months. If you were unemployed for 6 months or more than you would have to be back at work for at least 6 months.
If your new jobs are salaried positions then we would use your salary for your qualifying income.
I can help you apply for a mortgage right now, you can call 610-906-3109 or go online at http://PRMIDelaware/loanapplication

John R. Thomas
Certified Mortgage Planner
Primary Residential Mortgage
NMLS - 38783
610-906-3109 Office
0 votes Thank Flag Link Sun Oct 16, 2011
Hello folks,

If your income is W-2 income, and not a new field for you, and you have a stable income/employment history, you might well qualify NOW.

Your best bet is to speak with a reputable mortgage company now. I have several to reccommend, if you need. DO NOT chase interest rates, because rates are irrelevant until you are in a contract to purchase. DO look at the FEES in the lenders Good Faith Estimate.

Your savings availalbe to put towards a purchase is more likely your limiting factor, or at least the element that defines what kind of loan you would take out. Between closing costs and down payment, you will need a rock bottom minimum of 3.5% of the sale price, and you should figure on more like 6-7%

Foreclosures... maybe. but there is no free lunch in life. Most likely they will need work, which you may not have the time or ability to do. If a foreclosure needs significant work, it may not qualify under FHA guidelines, which means the bank will not lend.

Call / write / text if you would like to discuss further off line.

Best regards

John Leonard
Long & Foster Real Estate
610-742-9389
john.leonard@lnf.com
Web Reference: http://www.nicepahomes.com
0 votes Thank Flag Link Sun Oct 16, 2011
It depends on what you were doing before you got these new jobs. Were you Students or were you working at another place. Is this job in the same field as your last job? Email me with any other questions, I can go over the other details with you.

Thanks Again,
Jason Lepore
Remax
Selling in Nj and Pa
JasonLepore@aol.com
Cell 215-688-1446
0 votes Thank Flag Link Sun Oct 16, 2011
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