Home Buying in San Diego>Question Details

Jen, Home Buyer in San Diego, CA

Are we going to be able to get financing? If so, how difficult will it be given the following situation: My

Asked by Jen, San Diego, CA Tue Aug 12, 2008

fiance and I are looking to buy a condo for around $185,000. We have limited, but decent credit (our individual scores are both somewhere around 710) and are planning on putting $25,000 down. Combined, we make about $65,000 a year. The only problem is that we both have limited work history at the jobs we're currently at. Though he's been at his job for almost a year now, I've been at mine for a little under three months.

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Hello Jen,

Here is a direct answer from my lender who is very reputable...

It doesn’t matter how long you’ve been at your current job so much as it matters that a 2 year history can be established. So the questions is, have you been on other jobs in the last two years or if not were you in school (university or trade) to cover a period of 2 years. Preferably the school should be related to the type of work you are doing now, or are you in school now preparing for a particular job or career? These are all things the lender will take into consideration, but they must establish the last 2 years history, whatever that has been. Another route is to look at possible co-signors using a government insured FHA loan to help carry the burden of qualifying for your first home loan.

You can contact Lori Goldman at 619-885-0093 for further help.

Thanks, Denise Gleavey
Coldwell Banker
Web Reference: http://www.IHandleRE4U.com
0 votes Thank Flag Link Tue Aug 12, 2008
Hello Jen,

Evidently, you can potentially obtain financing; however, more information is needed:

1. What do you mean by "limited credit"? Do you only have one credit card or do you have only a car payment? How long have you had the credit in your history. If you pursue an FHA loan, which is the most forgiving for people with limited credit, you need at least 12 months history and at least 3 credit references. If you have less than 3 trade lines (credit references) on your credit report or if they have been opened for less than 12 months, then you will need alternative credit references such as rental payments, telephone bills, etc. But, it can be done.

2. What do you mean by "limited work history"? Are these jobs your first jobs out of college? Have either of you just returned to the work force for any reason? Were either of you working at another job previously and have recently changed companies? The answer to these questions will help determine what path to take regarding the evaluation of your employment stability and qualification.

I would recommend that you speak to a trusted and knowledgable Mortgage Consultant that can help guide you and ascertain the best path for you to purchase your home. Often times, a Mortgage Cosultant needs specific information from a client to give you an accurate answer that will be tailored to your circumstances.
1 vote Thank Flag Link Tue Aug 12, 2008

The real estate pro who answered below answered well, I won't repeat. I would have to get more information on your limited credit and job history. You have a good down payment and what credit you do have appears good with a 710 score.

I am a Sr. Loan Officer in the San Diego area and I also specialize in the down payment assistance and grants throughout the county. There may be some great options out there for you where you could keep more of your down payment money in your bank account as cash reserves.

Warm Regards,
Rob Chomentowski
Sr. Loan Officer
Affinity Financial
0 votes Thank Flag Link Tue Aug 12, 2008

You can talk to the loan consultant I work with. Call Sally at 661.607.1955, sallyj@loanconnectors.com

Also, you want to get pre-qualified by two different lenders.
0 votes Thank Flag Link Tue Aug 12, 2008
Hello SD Buyer. Lynn gave you an excellent answer. I sold real estate in San Diego for 16 years and have an excellent mortgage broker to recommend you talk to. He did the mortgage for my own residence so you know he comes highly recommeded! His name is Dennis Reese with Rancho Financial. His phone is 858-449-7666 and his email address is dennis@dennisreese.com. Good luck!
Web Reference: http://deborahlondon.com
0 votes Thank Flag Link Tue Aug 12, 2008
To answer your questions:

1. I have one credit card with a low limit and a student loan and rental payments while my fiancee has two credit cards, rental history and a car payment.

2. These are our first full-time carreer jobs out of college even though both of us have worked steadily through college (which is how we were able to save up for our downpayment).
0 votes Thank Flag Link Tue Aug 12, 2008
Your credit scores are GREAT however some lenders seek 2 year employment history, is fine if you have been in same field. Example: School teacher who changed schools. Contact a mortgage broker discuss our concerns each home buyer files are different loan officer will have more professional answers for you.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Aug 12, 2008
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