Home Buying in 28269>Question Details

christopher…, Home Buyer in 28269

i have $8,000 to put down on a $42,000 home i want to buy and a credit score of 600 but only been at my job for 6 months . can i get a loan?

Asked by christopher jackson, 28269 Fri Jan 6, 2012

will i be able to get a loan?

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Go to your local non profit housing group for credit counseling. The counselor will go over your credit report with you. They will tell you what you are doing wrong and what you should be doing. Listen to them and when your score is 640+ you can think of buying.
0 votes Thank Flag Link Sun Jan 8, 2012
I would call and check with a Mortgage lender. I would be glad to give you a name and number.
1 vote Thank Flag Link Sat Jan 7, 2012
In order to have your question answered properly, you need to sit down with a mortgage professional. We, as real estate professionals, are not qualified to answer this question for you and it is irresponsible to even wager a guess! Your mortgage professional will ask many questions of you and require that you provide them with documentation to back up your answers. Be prepared with copies of your tax returns for the last two years, bank statements and your most recent paystubs. Your loan officer will fully qualify you for the purchase of the home. Should they find that you are not quite "credit worthy", he or she will design a "path to home ownership" for you, a plan to get you where you need to be, so you will know exactly what you need to accomplish in order to quailify for a home loan. Your loan officer will help you with a budget, should you need one, as well. Best success with your home buying! Kathleen Turner, The Kathleen Turner Real Estate Group, Keller Williams.
1 vote Thank Flag Link Sat Jan 7, 2012
Hi, It's always best to contact a mortgage professional directly. They will tell you exactly what you will qualify for based on the info you provide. There are special programs and loan products you may qualify for, get it straight from the horses mouth.....

Sincerely,

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group
914.406.9023
1 vote Thank Flag Link Sat Jan 7, 2012
Wanderer,

Based on the limited information you porvided I beleive you would be able to get a home loan with that information. There are some variables that you will need to fill in to see if you qualify.

First, how much you make a month gross income versus how much you have to spend in debt (non utilities and current rent). Your ratio has to be less than 45% to qualify for a loan with the mortgage.

Second, what were you doing before you started this job? Were you unemployed? A student? Eventhough you have been at your current job for 6 months; the banks are going to look to see what you have been doing for the past 2 years.

Third, what is on your credit report....eventhough you may score do you have any late payments ro charge offs or judgemetns showing on your credit report? if so, how long ago were they?

These questions will help answer whether you can definitely get a mortgage or not. I have a broker I use that gets approvals with a 600 credit score....Give me a call or e-mail and I will be happy to connect you with him.

dave diCecco
704-519-7895
ddicecco@cbunited.com
Web Reference: http://www.davedicecco.com
1 vote Thank Flag Link Sat Jan 7, 2012
Wanderer,
Credit score is only one factor. If your current job is in the same line of work that you had previously, that may be fine. If not, it will depend on other compensating factors. Ultimately the only one who can approve or deny your loan will be a lender with a complete application. If you were my client, I would suggest you meet with a lender or two and find out what may be possible.
1 vote Thank Flag Link Fri Jan 6, 2012
Good evening, Wanderer:
It is very important to make sure that everyone who is planning to qualify for the home loan has their name on your monthly bills and is paying everything on time for at least 12 months before buying your home. You should also meet the criterion in the trulia link below. There are only a few lenders that will make a loan that small. If the home needs any repairs, your options are even more limited. Your time on the job may or may not be a factor. How much you earn and how much debt you have could also be a factor. If you need some recommendations, please contact through profile.
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1 vote Thank Flag Link Fri Jan 6, 2012
Most probably "yes" you can buy. Call or email me to discuss.

Bill Ahls
704-780-0654
Bill@Ahls.net
1 vote Thank Flag Link Fri Jan 6, 2012
That might depend on what you did before this job. Another job? Job in the same field? Student?

You might be a good candidate for an FHA loan.

Best way to know for sure is to contact a loan officer.

I'd be happy to recommend a few. Just shoot me an email.

Amy Baker
Allen Tate
704.258.1459
Amy.Baker@allentate.com
1 vote Thank Flag Link Fri Jan 6, 2012
Did you get your loan, If not I have a private investor that can help you.
0 votes Thank Flag Link Wed Jul 3, 2013
yes, call me, you have options, 803 741 4240
0 votes Thank Flag Link Tue Mar 12, 2013
I have a great lender that may be able to work a program for you.
email me directly at your earliest convenience!
John Siddons
John.Siddons@prucarolinas.com
0 votes Thank Flag Link Sun Jan 8, 2012
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