Me and my girlfriend are looking for our first home and were trying to get a loan she has had a car payment for over 10 months and has had a job for

Asked by Nate, Sat Feb 5, 2011

7 months. I have had a credit card for 5 months and a job for about that long. We have never missed a payment and have always payed on time. Should we be able to get a loan for a 112,000 home?

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Dallas Texas, Agent, Dallas, TN
Sun Feb 6, 2011
You both would be required to have 2 years employment debt/income in check approx. 3.5% or more downpayment

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
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Anna M Brocco, Agent, Williston Park, NY
Sun Feb 6, 2011
Without your overall financials, credit, debt, etc.--Consider visiting with any qualified loan officer(s), after reviewing your overall financials, a determination on qualification can be made, the type of loan, how much, how much down, etc.; if you don't yet qualify, he/she may offer great suggestions as to what needs to be done in order to qualify in the near future...
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Dan Tabit, Agent, Issaquah, WA
Sat Feb 5, 2011
Good credit is a great place to start, job times sound light, but we don't know about yours. The other compensating factors can be down payment and savings. The more you have, the greater your chances are. Ultimately no matter what any of us guess here, until you meet with a good local lender and discuss your whole scenario, there is no way to know.
As a lender I've met with several people in your position, just trying to find out how to proceed. Once we have a file started, we can either obtain an approval or discuss the areas that need improvement in order to get one. The sooner you meet with a good lender the sooner you can put a plan together.
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Mark Atteber…, Agent, Louisville, KY
Sat Feb 5, 2011
Most lenders want 2 years of the same type of employment history with no lag in time between jobs. You may be able to get away with non-traditional tradelines if you have other payments you have made on time for a 2 year period (car insurance, cable, phone bills, rent).

Ask your friends or family for a referral to a trusted loan officer. Let them do a pre-approval and see what obsticles there are to overcome. At least you will know what you need to do to get where you want to be.

Good Luck! I love working with first-time homebuyers because it is exciting to see people live the american dream.

Mark Atteberry, Expert Louisville Realtor
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