Hello, Are there any mortgage programs for fairly new attorneys?

Asked by MTG question, Manorville, NY Tue Sep 11, 2012

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Rich Murphy,…, , Wells Fargo
Wed Sep 12, 2012
Hello! Javier's answer below was pretty accurate. There is virtully no form of "stated" income loans still in existance. Nowadays borrowers must be capable of passing 3 major tests: (1) Income to qualify. borrowers must show they have adequate & stable income to be able to repay the loan requested. Generally a minimum 2 year history of stable employment is required, but if you have recently graduated and now work in the field of your degree, your school history counts towards that 2 year history being looked for, (2) Credit history. In simple terms, the lender is looking to see that you have honored your obligations owed. They look for a history of obligations being paid as agreed. The amount of your debts owed can impact your ability to borrower, so as Javier mentioned, always paying on-time, but having a lot of debt could be worse than having a lower credit score but owing less...and (3) Assets. Lenders are looking at how much you are investing into the transaction yourself. Are you making a minimum down payment of 0% (allowed by VA Mortgages), 3.5% (allowed by FHA Mortgages) or 5% or more (required by Conventional Mortgages). I have been a Mortgage Banker for over 36 years now, so feel free to contact me and I can answer any specific questions you may have about qualifying.
1 vote
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Wed Sep 12, 2012
Hello. When you say "new attorney" I assume that you recently graduated law school? If this is the case, you would be allowed to use your time in school as part of your 2 year employment history, as required to qualify.

We would still have to see what your credit looks like (main concern would be the monthly payments to student loans, if any), assets and income. The income part could get tricky depending on how you're set up. Are you a W-2 employee for a firm? Are you self employed? etc.

There is more to it than just having a specific FICO score, or not having any late payments in your credit, etc. You can have a 720+ FICO and STILL not qualify, just as much as you can have a 640 FICO with a late payment here or there, or a collection account and easily qualify. Your best move would be to meet face-to-face with an experienced loan officer and allow him/her to review all your paperwork and go from there.

If you would like, I am always available to meet in one of our branches. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
(516) 606-9648
1 vote
Annette Levi…, , New York, NY
Wed Sep 12, 2012
There are no programs for new lawyers. If you are working for a law firm with W2 income, then you should speak to a loan officer to see what you qualfiy for in a mortgage in the Mt. Sinai area.
0 votes
R Wright, Other Pro, NY,
Tue Sep 11, 2012
Hello - As long as you have 2 years of verifiable income, a credit score above 580, no 30 days late on credit, and your DTI fits the guidelines, you can qualify for financing.

You can call me to discuss@ 914-299-0420. I encourage you to call me at anytime. It's never too early or too late to discuss your business.
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