You might want to check with HPAP program as well as BBT's CHIP program. They seem to have an alternate ways of securing credit scoring if you have shorter credit history.
Feel free to check the links below and contact me shall you have any questions.
District One Properties
I spoke with my bank to get prequalified and was told that despite my savings, my current, part-time income is too low to qualify for a mortgage loan. I would have to wait until I've worked 6 months with my prospective full-time employer.
I would not mind renting for 6 months - a year if I have to. But are there any lenders who would use maybe an offer letter as proof of my income?
You are making a great decision to buy:). I purchased my first place when I graduated from college. So, you should not have any problems. If you're goal is to buy a place and avoid renting, contact a lender soon. I have a great lender that could help you. You can call me at (202) 670-6677.
Talk to you soon,
DC is experiencing a very competitive market right now. It's a wonderful time for sellers! To beat the competition, you must be ready to put an offer quickly once we find a property that fits your needs. You should talk to lenders and identify the most advantageous for you. I can introduce you to some great options to get started. If you wish, please contact me anytime. Good luck and welcome to Washington!
I would recommend you talk to a lender to see how much you would really qualify for and what they will need from you, such as paystubs, tax returns, etc to qualify for the loan. Are you going to be in the DC area for awhile? If you are not familiar with the area, you might want to consider renting for a short time and explore the area to see what areas you like and areas that work for your budget.
There are many variables to be considered. I think you should explore other options as well, educate yourself on the DC market and find out about some other possibilities for financing. If you wish, give me a call. We can chit chat a little bit and I can defiantly give you some very good tips to get you started, ok?
As long as you qualify for a mortgage you should be able to buy a property. Given the upper budget parameter you would probably be able to buy in the outer areas of DC. You will need to wait to qualify for a mortgage once you have had at least 2 paychecks.