My question involves qualifing for a loan.

Asked by Botatealaverga, New York, NY Thu May 3, 2012

I recently went from self employed to working overseas as a contractor I have about 7 months now and was wondering how much time I need at the current employer for me to qualify for a loan? I qualify for a va loan, my credit score is around a 620, and could put about 25% down on a 150k home. Thanks for your help.

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4
Maria Ascenc…, Agent, SAINT CHARLES, IL
Wed May 9, 2012
Congratulations on your decision to purchase a home. I work closely with several lenders that can help you get qualified, Please let me know how I can help.
0 votes
Michelle Tan…, , 60175
Thu May 3, 2012
Hello, to get the most accurate answers you should speak with a mortgage broker. I have a local contact in the South Elgin, IL area that can assist you with all of your questions. Send me a quick email and I can email back all of his contact information. My email address is michelle.tangorra@bairdwarner.com. Thanks and good luck
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Thu May 3, 2012
Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Basic Underwriting guidelines require 2 years consistent employment and income. If you have moved from Self-Employed status to salaried W2 status, that's much better than the reverse situation, but still can be tricky to qualify.

I hope that helps!
Trevor Curran
NMLS #40140.
0 votes
Melissa Kamp…, Agent, Greenwood, IL
Thu May 3, 2012
Good Morning Botatealaverga

Your best bet would be to contact a lender first. Here is Eric Schroeder's link: http://www.mcglending.com/eric_s.html. You can also try Ameritrust Mortgage, Barbara Walters at 815-459-7303.

After you get your Pre-Approval letter, give me a call. I grew up in the Elgin area and would be happy to assist in the purchase of your new home.

Best Regards,
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