Home Buying in 91911>Question Details

Kaybee98_20, Home Buyer in Shadowood, Bryan, TX

just got out of the military,now starting a new job and have to relocate. can i buy a home now or do i need more tiime at my new jo?

Asked by Kaybee98_20, Shadowood, Bryan, TX Wed Dec 7, 2011

was unemployed for about 10 months, going to college before i recently got this job opportunity.

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VA is probably the most "forgiving and understanding" of all loan products available. Much of the underwriting is more "make sense" and not subject to the rigid underwriting guidelines of conforming or conventional loans. I agree with Robert that many times a lender will require six to 12 months of employment; however, there may be some wiggle room is your new job is a direct result of your college education (in the same field). Usually, underwriting guides will credit education time as employment time IF a degree or certification in the same field is complete.

Some of the best successes with funding loans comes from thorough analysis at the beginning. Talk with a mortgage professional to evaluate exactly where you stand in your quest for financing. Be sure to clarify with the consultant whether you can get a complete underwriting approval or if they will only do a automated underwriting of your file. The latter is really not sufficient to ensure the lender will really fund on your loan and opens you up to the possibility of a preapproval that turns into a declination when the file is reviewed by the underwritier. Best of luck to you!
0 votes Thank Flag Link Thu Dec 8, 2011
If you were in the military you likely qualify for a VA loan. In some cases you only need 6 mos on the new job to get a VA loan, in other cases 12 mos.
Web Reference: http://www.socalvaloans.com
0 votes Thank Flag Link Thu Dec 8, 2011
Contact a mortgage rep experienced with VA loans. He/she will be able to provide you with better answers.
0 votes Thank Flag Link Thu Dec 8, 2011
Hi there,

Please know the very best thing you can do is contact at least three lenders and explain your situation. Their advice is what will allow you to purchase a home and know what you can afford.

From there, look on-line, select an agent and find something that will be great for you!

Best of luck,

Mark & Kari Shea
Shea Real Estate
0 votes Thank Flag Link Thu Dec 8, 2011
Hi Kaybee,

Congratulations on your new job!

I agree that USAA may be a good choice of lender, although I would definitely call around to see if you can qualify due to your service. Try to find a lender that can close your loan in 30 days. Many want 45 days, and sometimes that's too long if there's competition with a property; you want an edge wherever you can get it. Let me know if I can help.

Warm Regards,
0 votes Thank Flag Link Wed Dec 7, 2011
Happy Holidays Kaybee:) Good Question! I can assist U! Call 760 622 6855 or email maureen@bellrealtygroup.com for some VA financing recommendations and for your new home inventory.
Web Reference: http://www.coastal.biz
0 votes Thank Flag Link Wed Dec 7, 2011
mortgage reps want to see 2 years of steady job history as a rule. Exceptions are always made for good credit and a good downpayment though.
0 votes Thank Flag Link Wed Dec 7, 2011
Hi Kaybee,
The rule of thumb is usually two years, but I would talk to a mortage broker or lender to find out if you qualify for an exception due to your service in the military. I have seen exceptions made! Let me know if you need a referral for a local lender here in San Diego to help you out.

Sinead McAllister
0 votes Thank Flag Link Wed Dec 7, 2011
That's going to depend largely on your lender. Since you are recent ex-military, you might qualify for USAA membership. And since USAA serves primarily military clientele, nobody would understand military service better than they would, and they might qualify you for a loan.

USAA offers great loans and other products for military families. Check them out.

(and yes, I am a USAA-certified agent).
0 votes Thank Flag Link Wed Dec 7, 2011
Alan May, Real Estate Pro in Evanston, IL
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