Call around to a couple of lenders. Northfield Savings Bank is good. You should still be on the residential side of lending (as opposed to commercial), but my guess is you're going to have to have a reasonable down payment.
Seller contribution to your closing costs, or "cash back at closing" might serve as a bridge.... more
Where you late on the mortgage or any other debt during the short sale?
If not, it maybe possible for your to buy right now with an FHA loan.
Please feel free to contact me for more info or help.
Senior Mortgage Banker
It depends on a variety of factors, but if you were W-2'd, and the new job you'd be W-2'd at and are paid salary or hourly, then you should be OK using the new job and it's income to qualify. If the new job you'd make commission, bonus or overtime income, then you'd need to have a 2-year history of that in order for that portion of the income to qualify. If you are going to be starting a job where you are 1099'd, like a contracting position of some sort, then a 2-year history of being paid that way (contracting/1099'd income) would typically be required.
As far as time on the new job, you should just need to have received 1 paystub, but some lenders may want you to have a paystub reflecting you've received 30 days of pay. If the job gap is longer than 60 days, then you should be prepared to write a letter of explanation, but if your credit is good & debt to income ratio is in line then it still should be just fine. If your credit isn't so good, and your debt ratio is high, then after an absence longer than 60 days you may see some lenders wanting you to be on the new job for 6 months.
Sorry to hear about your job, hope you can find something new & better soon.... more
my name is chuck and i am a mortgage and real estate broker.
you are correct that a preapproval letter is important.
you need one to make offers on many homes these days.
once you find a home you give the letter to the seller to show you already have a loan in place.
be careful with preapproval letters and be sure they are actual approvals and not just prequalifications.
you really only a letter from the broker/ bank you choose to work with.
you should get at least 2 or 3 rate quotes to get the best deal.
i am happy to help with any of the above, i have over 15 years experience and enjoy working with buyers.
I'll have the ability to do mobile homes March 15th. email me and stay in touch. I don't know what the rates are yet as the program hasn't rolled out yet.
404-644-3295 (Atlanta)... more
Most of VT is eligible for USDA Rural Finanicng, which offers 0 dwon and NO PMI. You need to sit down with a mortgage broker and discuss your options.
I am a mortgage broker. If I can be of service, please let me know!
877-238-6324 Ext 704