Excellent Credit/score but only a year on the job. Can I get a mortgage?

Asked by TDL, Chicago, IL Thu Aug 1, 2013

I am a 1st time homebuyer and want to purchase a very modestly price home. I h ave excellent credit with a low debt to income ration but was laid off for 1.5 yrs and have only been back working for a 1 year. Can I obtain a home loan?

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Chicago Mort…, , Chicago, IL
Thu Aug 1, 2013
Are you currently working in the same industry? You should be ok...

I'd be happy to help so please send me an email or give me a call at your convenience.


JP Marzano
Senior Loan Originator
1st Advantage Mortgage (a Draper & Kramer Co.)
1 vote
Thank you...it's a great place to be associated with. Best mortgage company I've ever worked for...
Flag Fri Aug 2, 2013
I'm a big fan of 1st Advantage Mortgage!

Len Restaino did my Loan
Flag Thu Aug 1, 2013
Mike Opyd, Agent, Chicago, IL
Fri Aug 2, 2013
A lender is better suited to answer this question. I would call a lender and see what they say. They'll walk you though your finances.
0 votes
Manuel Brown, Agent, Chicago, IL
Fri Aug 2, 2013
Work with Sam Sharp with Guaranteed Rate. He is excellent.
0 votes
Tiffany Carl…, Agent, Scottsdale, AZ
Fri Aug 2, 2013
I suggest you speak directly with a lender. Below is a broker referral.
Best wishes, Tiffany

Michael Iuculano NMLS 370470
A.J. Graham Financial NMLS 367549
17505 N. 79th Ave. #215 | Glendale, AZ 85308
C 480.299.1434 | F 1.800.657.3863
0 votes
Bill J Delig…, Agent, Naperville, IL
Fri Aug 2, 2013
Greetings TDL,

Based on what you have described you should be eligible for a loan. Feel free to contact me and we can go over the details.
Web Reference:  http://www.bjdloans.com
0 votes
Matt Laricy, Agent, Chicago, IL
Fri Aug 2, 2013
Only way to find out is to call a lender. They will be able to tell you.
Web Reference:  http://Americorpre.com
0 votes
Jeffrey Olic…, Agent, Chicago, IL
Fri Aug 2, 2013
Hi tell,

Looks like you can get a loan. Let me know if I can help you find the property Matt can get you the loan on.


0 votes
Matt Bukovy, Mortgage Broker Or Lender, Chicago, IL
Thu Aug 1, 2013

The guidelines are that if you were laid off for more than six months (and you were) you need to be back on the job for at least six months (and you have been) so it would seem that there's a fair shot at getting you a loan. If you have a prior work history of two uninterrupted years, I'd say that that "fair" shot becomes a "definitely" shot.

And, if you're a First Time homebuyer, and meet a couple of other rather simple qualificaitons, you may also qualify for special First Time Homebuyer Financing which includes:
- Low fixed rate regardless of Score
- Reduced cost mortgage insurance

So I'm thinking it would be a good idea for you to either give me a call or go to my website to fill out a FREE no-obligation application.

Let me know,

Matt Bukovy
Senior Mortgage Consultant
Wintrust Mortgage
Web Reference:  http://www.mattbukovy.com
0 votes
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