So we finally had an offer accepted and have made a deposit towards escrow. Our credit score is in the high

Asked by Lisa, Riverside, CA Sun Aug 17, 2008

600's and my husband is gainfully employed for more than a year and a half at his current job. Our mortgage guy says we will have no problem with getting financed, BUT, I am still a lil' worried. Should I be? Thanks for any input from you experts out there:)

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David, , La Jolla, CA
Sun Aug 17, 2008
If there is one thing you can take away from the consumers who are affected from the mortgage implosion is you need to find out exactly what you can afford before you shop. So many people, found their house then had to find a loan that would give them what they needed and that was a low payment. Dont make the same mistakes 1000's have made.

Get the loan, then then house. Finding the house is easy, its the loan that makes the difference.
1 vote
John Hickey, Agent, La Crescenta, CA
Sun Aug 17, 2008
Hi Lisa,

Loans can be tricky right now.

FHA is often the best choice.

Lenders look at the:
Down payment - 20% & up good
Job history - 2 years minimum in the same field is mandatory for most loans
Fico - 700 plus. Under 700 depends.

Ask your mortgage guy if an actual underwriter has looked at your loan package. You sound like you probably are going to be okay but a lot of people with Fico scores under 700 are having trouble right now.

Good luck,

John Hickey
Dilbeck Realtors, GMAC
0 votes
Mortgage Guy, , Bellevue, WA
Sun Aug 17, 2008
Even if we are told not to worry about financing, we worry nonetheless especially when an accepted offer on a house that we love is on the line.

While nobody can guarantee 100%of the time that you should have absolutely no worries about the processing of your loan, most of the time, if you are dealing with a knowledgable and professional Mortgage Consultant that you trust, then you shouldn't worry excessively.

If your husband has been employed at his current job for a year and a half and if you can document his previous employment for the 6 months prior, even if it was at a different employer or in a different field, then typically you should be fine. Of course, exceptions always exist and will depend on the particuar situation at hand, but typically you shouldn't worry too much. Sometimes, you might have a doubt when a person has been self-employed for less than 2 years and that person's previous employment or experience was in another field, etc. But, as I mentioned, this is where your trusted and professional Mortgage Consultant should be able to guide you in your options. It is very important that you deal with someone who knows what he or she is doing and that works at a financial institution that will have the underwriting flexibility that will deal with those and other types of situations.
0 votes
Bob McClure, Other Pro, Walled Lake, MI
Sun Aug 17, 2008
good evening lisa......if you have any doubts that your financing will not go thru...pls. call me....i have done low and higher risk mortgage loans for almost 14 yrs.and fha.......i learned a long time ago that "no problem", is something that i cannot tell a borrower with a ) 974-4444.......anytime...24/7....bob mcclure- mortgage now- farmington, michigan i am licensed in your state and 18 other ones...and, i can close you in your own backyard...
0 votes
Jacqueline W…, Agent, Irvine, CA
Sun Aug 17, 2008
I totally agree with need to get your financing in place asap. Your "loan guy" should be able to run your application through an automated underwriting system so that you can find out if you have a good chance of being approved once the appraisal is done and what, if any, conditions you will need to fulfill before the loan can be given a final approval. Work with your agent to get what you need to feel comfortable.
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