Posted on: 13th Mar, 2009 03:06 pm
I am graduating from school in the near future, and beginning work a few months down the road. I am attempting to purchase a house, and the majority of the lenders that I have spoken with have told me that, according to the guidelines they have, I can close on a house 60 days before I begin employment (this is for a conventional loan.) Unfortunately, the one lender that I would like to work with is unable to find this rule in the guidelines, and I was wondering if any of the lenders on this forum could help me in locating it?
Hi Joe,
As far as I know, if you are unemployed, you will not be able to qualify for a loan. Lender will check your income as well as your credit score in order to approve the loan. In your case, I doubt whether you would be able to get a loan.
As far as I know, if you are unemployed, you will not be able to qualify for a loan. Lender will check your income as well as your credit score in order to approve the loan. In your case, I doubt whether you would be able to get a loan.
joe, more often, i have found, there is a 30-day window involved. by that, i mean that you can close based on an offer letter from your employer (or other types of verification also), as long as your first paycheck from that new employment will arrive within 30 days of closing.
i think your preferred lender isn't digging into this enough. tell them to try "all-regs" or even to go to the fannie mae website and do an internet search for the topic. i haven't tried the latter, but i think it may be worthwhile.
i think your preferred lender isn't digging into this enough. tell them to try "all-regs" or even to go to the fannie mae website and do an internet search for the topic. i haven't tried the latter, but i think it may be worthwhile.
