Here is my situation. I just started a new job a week ago. Can I qualify for a loan?

Asked by Arturo, Berwyn, IL Tue Jul 16, 2013

Prior to the new job I was on unemployment benefits. Once that was done I worked odd jobs for a year(failed to share this with Uncle Sam). My credit score is at 691. I do have a little under 7 thousand in debt on a credit card. I have a great payment history. Never been bankrupt or in-collection. I will be making an average of 2 thousand a month in new job.
I was just informed by my landlord I have until the end of Oct. to move out. (he is selling the house) Don't have time to waste if i have no chance for a loan.

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Answers

21
Noah Seidenb…, Agent, Evanston, IL
Mon Mar 9, 2015
Arturo find yourself a good lender or mortgage broker and see what options and programs you could qualify for or what you need to do to get a loan.
Watchout for Uncle Sam.
Good luck
0 votes
Mark Zatz, Agent, Arlington Heights, IL
Wed Feb 25, 2015
Best to contact a good mortgage loan officer. I can refer one to you if you would like.
But usually being in the same line of work or profession is all that is required.

Mark Zatz
630-669-9532
0 votes
Teresa Cowart, Agent, Richmond Hill, GA
Wed Feb 25, 2015
Typically it depends on if you are in the same line of work. Example a nurse that switches to another nursing position. Different banks and different loan programs have different rules. I'd contact a greta local lender.
0 votes
Vicky Chang, Agent, Pittsburgh, PA
Wed Feb 25, 2015
Thank you for posting your question on Trulia!
If you are working full time you should be able to use that income to qualify for a mortgage. The lender will most likely need at least 30 days pay stub before you close. Contact your local lender to be sure.

At your service,
Vicky
0 votes
Joanna Weiss, , Chicago, IL
Wed Jul 17, 2013
I believe that you will need to show 6 months of employment with this new job. There are many loan programs for 1st time homebuyers. i would be happy to help.Joanna 773-327-3580 NMLS 230092
0 votes
JIM Michaels, Agent, Chicago, IL
Wed Jul 17, 2013
give a call to Wesley first then email me at jmichaels@remax.net

Our Team | United Equity Mortgage Corp.
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0 votes
Riccardo War…, Agent, Bolingbrook, IL
Tue Jul 16, 2013
yes you can...if its full time we need 30 days of paystbs, the other question is how much time was there when you were not working?


Riccardo Wardlow
Owner
Quality Mortgage Lending
630-670-8266

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0 votes
Evelyn S. Fr…, Agent, Chicago, IL
Tue Jul 16, 2013
Hi Arturo,

I recommend yo contact Matt Bukovy, Wintrust Mortgage, mbukovy @wintrustmortgage.com, 773-654-2498. He is a lender and can best address your circumstance.

Please let him know I referred you and good luck!
0 votes
mark alexand…, Agent, Austin, TX
Tue Jul 16, 2013
The best way to find out would be to approach a lender. Usually a two year history would be a requirement, but if you have stayed in the same field you may be in luck. Your credit score looks good enough to qualify for FHA or even conventional with a sizeable down payment. While interest rates are still low it would be in your best interests to getting a game plan together. Best of luck.
0 votes
Joe Schiller, Agent, Chicago, IL
Tue Jul 16, 2013
failed to share this part will most likely be the reason your out..call a lender
0 votes
Matt Laricy, Agent, Chicago, IL
Tue Jul 16, 2013
Speak to a lender. Only way you would 100% know if you could or not.
0 votes
Mark Ghaowi, , Chicago, IL
Tue Jul 16, 2013
Income guidelines vary by lender. Most lenders would like to see a two year history of income and evidence that the income used to qualify will continue for at least three years. Unemployment is sometimes counted as income if it is customary in the field (e.g. contractors) and you can show a two year history of the pattern. Self-employment income can be counted if there is a sufficient history and it is documented through tax returns.

To put yourself in a better position to acquire a loan, you may need a co-borrower with good income and credit, be able to offer a large down payment, have significant cash reserves and minimize your consumer debt.

Good luck!
0 votes
Mark is right. It never hurts to speak with a lender. Arturo, you're never wasting time when you seek a professional.
Flag Wed Jul 17, 2013
Sam Sharp, Mortgage Broker Or Lender, Chicago, IL
Tue Jul 16, 2013
This is possible - you should speak with a qualified loan officer to determine your eligibility. It's free and there is no obligation. I am happy to help
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773-290-0455
0 votes
Manuel Brown, Agent, Chicago, IL
Tue Jul 16, 2013
Call Mary Kay Laurent at Guaranteed Rate at 773-516-6859. She is amazing. Even if you have to wait a few months she will work with you through the entire process.
0 votes
Santiago Ken…, Agent, Chicago, IL
Tue Jul 16, 2013
Call 2 or 3 lenders and try to do a future plan in the worst case .
0 votes
Dan Ghaowi, Mortgage Broker Or Lender, Chicago, IL
Tue Jul 16, 2013
Arturo, depending on purchase price your debt to income and no trailing consistent tax returns will make it hard to get approved on your own. Is there a co-borrower with you?
0 votes
Jane Ehlert, Agent, Chicago, IL
Tue Jul 16, 2013
You should reach out to a mortgage professional to see what makes sense for your situation. We can certainly help you find someone to speak to that will help you decide what is best!


Jane Ehlert
Broker
Mark Allen Realty
773.425.9847
0 votes
Sohail Salah…, Agent, Chicago, IL
Tue Jul 16, 2013
Arturo

You will need to act fast, contact a mortgage broker to get your financing aligned.





Sohail A. Salahuddin | Founder and Team Leader

Innovative Property Consultants Group | Sales and Leasing

http://www.innovativepropertyconsultants.com



Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 


O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

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0 votes
Bill J Delig…, Agent, Naperville, IL
Tue Jul 16, 2013
Speak with a Loan Officer to review all of your info.
Feel free to contact me if you need any assistance.
Web Reference:  http://www.BJDLOANS.com
0 votes
Jesse McGrath, Agent, Chicago, IL
Tue Jul 16, 2013
Please speak with your mortgage broker to see what you pre-approve for.
0 votes
Matthew Roder, Mortgage Broker Or Lender, Schaumburg, IL
Tue Jul 16, 2013
Are you working in the same industry that you were working in prior to being laid off? Also, how are you getting paid at your new job? (hourly, salary, 1099, is it full time) All of these questions will make a difference.
0 votes
Yes, same line of work. Cable technician. I'm a contract worker. I get paid depending on service I provide. I will get paid on a weekly basis.
Flag Tue Jul 16, 2013
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