Post # 1
We wont be married yet but we want to move in together as soon as I graduate school and get hired. How hard is it to get a mortgage if I JUST got hired at a new place and have worked there for a few months. I have good credit but I have never owned anything major (house, car, apartment etc). He has owned his own house for 8 years (hes 33) and we have a down payment of 30 grand, we are looking at a house about $300,000. I only ask this because someone told me that they wont give you a mortgage unless you have been at your job for a few years
Post # 3
You need 3 years of employment history in the same field to qualify in most cases. Some banks are more flexible if you have a large down payment or a large paycheck relative to the mortgage payment.
If you don’t put your info on the mortgage you guys may have a better shot, but then only his income/credit score/etc will count.
Only putting 10% down is definitely not ideal – and he likely won’t qualify for FHA since he has owned (can’t remember how many years in between houses it has to be to requalify). Make sure you have 6 months worth of reserve money available (6x monthly payment + taxas and insurance) and enough for closing and a few thousand over “just in case”.
Post # 4
I think it’s pretty hard. Especially without ever having had a car loan or other credit, coupled with a short employment history. Renting an apartment wouldn’t matter because that does not show up on your credit report.
Post # 5
We bought our first home last year. I assume your Fiance works? We only had to have our W2s from the past two years and it didn’t matter if it was from the same employer or if we had switched jobs within that period of time. If your Fiance has a job and has been working for a couple of years then you shouldn’t have a problem.
ETA: I only had one W2 to submit because prior to that I was in college. It didn’t make a difference. They just had to make a note in the file to explain why the typical requirement couldn’t be met.
Post # 6
Do you have any credit? Credit & long term employment are really the only things you need. But without either, you’re pretty much screwed.
If you have dont any credit or you have bad credit, you’re going to need a pretty hefty payment for a bank to eve consider your application.
Post # 7
Yes he has worked at his job for 7 years, full time and part of the union, thanks for the info so far guys..sounds like Ill have some trouble..right now the house he owns is about $250,000 and he makes roughly 50,000 a year (and this in canada)
and yes I have almost perfect credit
Post # 8
Your credit score and his employment history will definitely be in your favour. You also might have more luck if he can afford it by himself, this way your employment will be less of a factor.
Post # 9
- Wedding: March 2013 - Callanwolde Fine Arts Center
My DH and I bought our house before we were married. I had been working at my job for just over a year and DH had been at his job for about 6 months. We put down 20% on our house. We didn’t have any problems getting approved for a mortgage.
ETA: I was 23 at the time and DH was 25.
Post # 10
You will need to have the same job for 2 years to have any of your income considered. You can co sign but your income won’t matter. They will base the loan off of his income and you will most likely need to put 20% down, so 60k. We’ve been in the process of all the loan paperwork the past few weeks.
Post # 11
I had a few people tell me that if I get hired with a job that is in the same field as my diploma they consider that and it equals to the two years of work experience that you need, has that changed?
Post # 12
We are using a conventional loan, FH just graduated and is working in the field he studied but it doesn’t count at all. He makes double what he makes at the other job he has had for years but they won’t even consider the job he has in the field even though he’s worked their for one year. So it seems that it needs to be an actual full time (veryy important) job regardless of the field for at least two years.
Post # 13
So I just did some research and a few sources online say that I dont need the two years:
“If you are new to a job, but have recently graduated from college or a trade school, you will not likely need 2 full years on the job as long as your pay is hourly or salaried (commissioned earnings WILL need a 2 year history).”
FAQ: Can I use education or military service in lieu of employment?
FHA does not impose a minimum length of time a borrower must have held a position of employment to be eligible for a mortgage. However, the lender must verify the borrower’s employment for the most recent two full years. If a borrower indicates he or she was in school or in the military during any of this time, the borrower must provide evidence supporting this claim, such as college transcripts or discharge papers
so it looks likes its possible, I just have to find a place thats willing to do it
Post # 14
FHA loans are different from conventional loans so they will have different qualifications. Hopefully that type will work out better for you!
Post # 15
Sounds like he will have to be the only one on the loan since you have a few things missing plus he’s already owned and (hopefully) has good credit.. Loans are extremelly annoying and time consuming trust me I’ve tried going through a few places before settling on a conventional loan, with large dwn. You may have to try a few different mortgage agencies but honestly it sounds like it will be easy for him to qualify he sounds like he fits the criteria.
Post # 16
It won’t hurt to go chat with a few banks just to see what they say. Ideally, I think they like to see that you’re earning money, but a big thing that helped us get the loan was that the bank looked at what my savings were when I finished university three years ago (about zero), then what the savings where now (about $20K). To see that we clearly understood how to budget and save really helped.
Also, I would recommend having more than 10% deposit – there are lots of other little expenses that crop up when buying a house – mortgage insurance, home and contents insurance, solicitor/conveyencing fees, stamp duty, moving costs, etc. We added it up and our costs of buying a new home (not including the house itself!) will be close to about $20,000. Sure, we get a rebate on the stamp duty, and there’s the first home owner’s grant, but it’s still an expensive process. On top of that, you will also want to have a least one mortgage payment left over at the end of buying your house – the more money you’ve got left over at the end of it, the more you can instantly pay off of your mortgage/the more emergency funds you have to call on if you need it.