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,
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994
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
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
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!
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
1110 N. Broad Street
Lansdale, PA 19446
Phone: 215-362-3100 ext 1793
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.
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
Keith J. Lawson
RE/MAX Affiliates N.E.
9237 Frankford Ave.
Phila, PA 19114
Member - AREAA Philadelphia Metro
Follow me on Facebook at http://facebook.com/keith.j.lawson
Follow me on Twitter http://twitter.com/#!/KEITHJLAWSON
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
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.
Long & Foster Real Estate
Selling in Nj and Pa