ARez, Other/Just Looking in Derry, NH

Do both people applying for a mortgage loan need full time jobs?

Asked by ARez, Derry, NH Tue May 11, 2010

My Fiance has been working full time since October. I have been working two part time jobs since September. One is a steady 23 hours, the other varies a lot. We have enough for 15-20% down on the price range we think we can afford. We don't have that much debt and we both have good credit scores. What are the chances of us getting approved for a mortgage under 100K?

Help the community by answering this question:

+ web reference
Web reference:


Scott Godzyk, Agent, Manchester, NH
Fri May 14, 2010
Full time does not matter as job security does whether full or part time. You really need to meet with a local and trusted mortgage broker. They can prequailify you at no cost and let you know what programs you can quailify for given your credit scores and financial situation. Onc eyou know you are prequailified, they will tell you what sales price range to shop in and tell you how much you will need down. You should then hire a buyer broker to assist you finding a property. in most case syou can hire a buyer at no cost to you as they get paid thier commission through the fee offered in mls by the listing agent. If you need assistance finding a property please feel free to contact me. Good luck with your search
Web Reference:
0 votes
Dale Doughty, Mortgage Broker Or Lender, Falmouth, ME
Wed May 12, 2010
The key is your debt to income ratios. This is a comparison of how much monthly debt expenses you have (including proposed mortgage, property taxes and insurance) vs your gross monthly income. Ideally, this ratio should be 43% or less but ratios up to 50% are routinely accepted if there are compensating factors. The fact that you have little debt and a substantial down payment make it highly likely that you will not have a problem.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed May 12, 2010
Not knowing all your finances--Consider visiting with any qualified loan officer(s) first--see if you qualify, see exactly what your budget can handle and have your credit checked again--their scoring is different--then go from there.
0 votes
Christopher…, Agent, Methuen, MA
Tue May 11, 2010
It certainly sounds like you have a good chance, but it depends on too many factors to tell you for sure. I suggest that you talk with some mortgage brokers to see what you can qualify for. I can recommend a good mortgage broker in NH if you are interested.
0 votes
Search Advice
Ask our community a question
Home Buying in Derry Zip Codes

Email me when…

Learn more