Home Buying in 95628>Question Details

Xxfreemysouxx, Home Buyer in 95815

Would a qualify for a home loan with this situation?

Asked by Xxfreemysouxx, 95815 Wed Jun 17, 2009

I changed jobs in July 2008, because of a better offer. I was with my previous employer since 2001. I literaly worked my last day with the previous employer and then my current employer the next day ( I did give three weeks notice...)

I am interested in buying a home in the 125,000 price range in the next couple of months. I have 40,000 to use as a down payment. My credit score is 650.

Will I be able to get a loan to fit my needs? I do currenlty own a home with a mortgage of 1,150 a month.

With my previous employer I made 60,000 a year. Now I make 130,000 a year. I can easily afford the loan for the additional house and do want to take advantage of the buyers market. I wonder if I will have some trouble though because I will have been with my current employer for only a little over a year. I also have zero debt.

Thanks

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Answers

6
Have you considered a HOMEPATH property? http://www.homepath.com The best part of a HOMEPATH home is you can put as little as 5% down (score of 680), or 20% down (with score of 620), AND there is NO mortgage insurance (with 5% down)..

Kinecta Federal Credit Union (a not-for-profit direct lender) is one of few HOMEPATH lenders in the country, with a presence in California.

Hope this helps!


Rene Joseph De Blanco
http://www.kinecta.org/jdeblanco
jdeblanco@kinecta.org
0 votes Thank Flag Link Tue Apr 10, 2012
Hello Xxfreemysouxx,

I would get with a good loan officer to review your credit report, as 650 is a rather depressed score. A good loan officer should be able to analyze your credit and see if you can get those scores up in the time frame you have for your purchase. However, the 650 score is in no way a deal killer, you just might not qualify for the best rates available today...Obviously, I would be happy to help you there.
Other than that, you should be able to qualify as long as there are no mortgage lates in the last 12 months.

Best wishes for a smooth transaction, Jim
0 votes Thank Flag Link Sun Apr 8, 2012
good morning.....you should be fine.....since you haven't been with your new employer for two yrs, the lender will send out voe's to both employers...is all of your new income base pay?..do you recv commissions?.....bonuses?....if you have an existing fha loan, you will have to go conventional on the new home....the remianing equity in your current home will be considered when planning your financing of the next home.best of luck.bob mcclure- success mortgage partners- plymouth, michigan.....
0 votes Thank Flag Link Thu Jun 18, 2009
Hi,

Yes, I think you'll qualify just fine. Why don't you tune in next week to my Sacramento-based radio show since I'm having a local lender talk about credit scores and qualifying. It should be helpful. If you can't listen live, then you can catch the recording after the show. http://www.InLoveWithSacto.com

thanks!
Tamara Dorris
Web Reference: http://InLoveWithSacto.tv
0 votes Thank Flag Link Thu Jun 18, 2009
You seem to me to be the perfect candidate for a loan. Lenders love people like you. Get started right away with your prequalification and looking for your new home. It may take you quite a while to get an accepted offer on your new home because your price range is sizzling hot right now. Everyone wants homes in the $125K price range and are willing to overbid for them.

Have fun, be persistent, try not to get discouraged, and make sure you are working with an agent (Realtor)who knows this market and comes highly recommended.
Web Reference: http://SoldByErin.net
0 votes Thank Flag Link Thu Jun 18, 2009
With that type of history I would think you would be able to purchase a home. When did you purchase that 1st home because you may also be able to qualify as a 1st time home buyer again depending on when you purchased that home. I would love to speak with you and give you some more information. Please feel free to contact me by email or my website http://www.YourSocalRealtors.com and I would be happy to get you more info and give you a for sure answer to your question.
0 votes Thank Flag Link Wed Jun 17, 2009
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