Posted on: 20th Jul, 2011 12:35 pm
I want to purchase a townhome for around $130,000 here in Houston and will apply for a pre-qual in a couple of months. Here is my situation
-At that time of application, I will have 9 months of job history at my current job as a CPA with another 5 months of job history at a part-time job before that as an accountant. So, I might be able to stretch it and say 14 months of job history if I count my part-time job.
-I am a CPA, but I went to Seminary and got a Masters degree in religion for fun. Problem is, the masters degree is not related to my field. I also collected some unemployment during that time as it was the recession and my job applications were not answered.
-I have a credit score of around 710
-$7,000 in debt for my car loan, which I might just pay off.
-I plan on putting a full 20% down payment.
-Filed bankruptcy in 2005
Can I get approved for a loan of around $105,000? If so, what type of loan? FHA? Where should I start in finding a lender? If I can't get a loan, are there any solutions like getting a co-signer?
-At that time of application, I will have 9 months of job history at my current job as a CPA with another 5 months of job history at a part-time job before that as an accountant. So, I might be able to stretch it and say 14 months of job history if I count my part-time job.
-I am a CPA, but I went to Seminary and got a Masters degree in religion for fun. Problem is, the masters degree is not related to my field. I also collected some unemployment during that time as it was the recession and my job applications were not answered.
-I have a credit score of around 710
-$7,000 in debt for my car loan, which I might just pay off.
-I plan on putting a full 20% down payment.
-Filed bankruptcy in 2005
Can I get approved for a loan of around $105,000? If so, what type of loan? FHA? Where should I start in finding a lender? If I can't get a loan, are there any solutions like getting a co-signer?
Let me add that I would be a 1st time home buyer.
Hi bestoked,
Your credit score is quite good and the bankruptcy filing won't affect your chances for getting a loan as it was filed way back in 2005. However, as you won't be able to prove 2 years of employment, it will be difficult for you to qualify for a loan.
Thanks
Your credit score is quite good and the bankruptcy filing won't affect your chances for getting a loan as it was filed way back in 2005. However, as you won't be able to prove 2 years of employment, it will be difficult for you to qualify for a loan.
Thanks
Hi Jameshogg,
Thanks for your input. I am looking for a solution. So, would you say that my only likely alternative is to get a co-signer?
Thanks for your input. I am looking for a solution. So, would you say that my only likely alternative is to get a co-signer?
OK, if I may ask another question about a co-signer. My father-in law has some job history that would work. However, I would feel a little more comfortable asking my dad, but am not sure how it would work for him. He worked for ExxonMobil for about 30 years and just retired at the end of March. Would a retired person have a problem co-signing for a loan since they have a change in job history from employed to retired? He has a pension that is good until he dies and a ton of other retirement stuff.
Thanks!!!
Thanks!!!
As far as I know, a retired person can co-sign a loan provided he can prove that his post-retirement income will be enough to pay off the loan if the original borrower cannot pay off the loan.
A retiree is equally as good a cosigner as anyone who's employed, although I understand your hesitation. Upon retirement, often the income is reduced and that would (perhaps) make it a tad bit more difficult for such a person to be obligated.
Simply run the topic past your Dad and see how he feels about the topic. His income may well be sufficient to allow him to cosign.
Simply run the topic past your Dad and see how he feels about the topic. His income may well be sufficient to allow him to cosign.
