Posted on: 14th Mar, 2007 05:55 pm
I just left the military and started my career as a Real Estate Agent in Las Vegas. I moved to Las Vegas, Nevada 3 months ago and finally saw a SFR that my wife and I really love. It is a brand new home and I was attempting to qualify for the builder loan program. However, I was rejected because of my length of employment (3 months). I would really love to purchase this home, but I think other lenders will give me a hard time because of my length of employment. Are there loan programs out there willing to give loans to people who have just started a job? Would going the FHA route take me on regardless of my employment length?
Thanks
Thanks
did you apply for va loan?
As indicated, I'm no longer in the military and did not complete my 20 years so no VA benefits.
Hi Guest,
Welcome to forums.
You may qualify for FHA loans even though there was a gap in your employment for 3 months. What lenders will check is whether you have a good source of income. So, if you have got a job by now or trying to get one, the sooner you can get it, the better.
In general, FHA loans will require you to have a lower income limit compared to other home loans. And, the amount of total debt payment made by you should be within 41% of your gross monthly income. Also, the monthly housing cost should be limited to 29% of your income.
You can check out whether you will qualify by approaching a HUD approved counselor. You may find such a counselor at "http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm" .
Thanks,
James.
Welcome to forums.
You may qualify for FHA loans even though there was a gap in your employment for 3 months. What lenders will check is whether you have a good source of income. So, if you have got a job by now or trying to get one, the sooner you can get it, the better.
In general, FHA loans will require you to have a lower income limit compared to other home loans. And, the amount of total debt payment made by you should be within 41% of your gross monthly income. Also, the monthly housing cost should be limited to 29% of your income.
You can check out whether you will qualify by approaching a HUD approved counselor. You may find such a counselor at "http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm" .
Thanks,
James.
I have a meeting with the builder's preferred lender on tuesday. Is it an advantage to go with the builder's preferred lender and take advantage of the incentives? I am thinking it maybe wise to also shop around and compare with the preferred lenders. Any input or opinions would help.
Welcome back guest,
It's always better to shop around with a good number of lenders and make comparisons before you choose to deal with a particular lender.
You may definitely talk to the builder's lender and find out what programs he has to offer and what the probable rates and fees are. It's better that you will take some time to decide whether you should go with the builder's lender.
It's always better to shop around with a good number of lenders and make comparisons before you choose to deal with a particular lender.
You may definitely talk to the builder's lender and find out what programs he has to offer and what the probable rates and fees are. It's better that you will take some time to decide whether you should go with the builder's lender.