who could lend us money for a home since we lost ours from a job loss even though he has a new job since Feb.?

Asked by Smgeroux, Cincinnati, OH Mon Sep 17, 2012

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Hermine Niesz, Agent, Blue Ash, OH
Tue Oct 9, 2012
You could try your parents-----that's what Mitt would say. First step I would suggest that would not cost you anything is to run a free credit report and find out exactly where you are with your scores. This also gives you the opportunity to make sure everything on there is correct...or corrected. Once you have your stellar scores, contact your local bank first...they know you the best. They should also give you advice on what you can do to improve your scores too.

Another option, would be to look at homes that offer a lease/purchase option. Typically, these deals require a hefty down payment, but they do not require a lender to finance you for a couple of years...which should give you time to correct any issues, yet still get you in a house.

Let me know how you are progressing......hermi35@gmail.com
0 votes
Chris Gerke, Agent, Liberty Twp, OH
Tue Sep 18, 2012
The standard is 3 years after a foreclosure, I believe. The 3 years begins once the house is sold at sheriff sale. If you're outside of the 3 years & you've reestablished some credit, you may be able to get a mortgage. Lenders want to see a 2 year work history, if they are different jobs but the same line of work, it counts. Employment gaps can be acceptable dependent upon how long they are. I am a Realtor but I also was a licensed loan officer for 3 years as well. Hopefully this information is helpful to you. Please don't hesitate to contact me with any further questions or concerns.

Thanks,

Chris Gerke
OwnerLand Realty
513-673-7074 Direct
513-322-7124 Fax
Chris@chrisgerke.com
http://www.chrisgerke.com
0 votes
Jennifer McG…, Agent, Cincinnati, OH
Tue Sep 18, 2012
It is my understanding that there has to be 2 years of consistent work history to apply for a mortgage. I'm only a Realtor and I always refer those types of questions to my mortgage agent- Dawn Parks 513-337-8380 or dawn@dawnparks.com Good Luck!
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