Posted on: 26th Mar, 2009 04:35 pm
I have done alot of research online and I have come up with many mixed and confusing answers. My husband and I are trying to buy a house, but we might have a few problems.
Some background info:
We are 20 years old.
I am a student.
I have been self-employed for the past year.
My husband has been employed for the past 6 months (We just finished the process of getting his residency so he has only been allowed to work for the past 6 months).
We are trying to buy a house under 150k in Southern California.
We have over 8k for a down payment (We want to get the tax refund).
We have 5k for estimated closing costs.
We have good credit.
We have back-up funds for atleast 3 months just incase anything were to happen.
So the problems really occur in our jobs. I was told by a lender that no matter what my income can not be included because I have less than 2 years of self-employment. Also, almost everywhere that I read says that there has to be 2 years of employment history, with a few exceptions.
Is there any way that we can get a loan? Is it possible that his current residency could be an exception as to why he does not have a longer employment history? Any input would be appreciated. Thank you!
Some background info:
We are 20 years old.
I am a student.
I have been self-employed for the past year.
My husband has been employed for the past 6 months (We just finished the process of getting his residency so he has only been allowed to work for the past 6 months).
We are trying to buy a house under 150k in Southern California.
We have over 8k for a down payment (We want to get the tax refund).
We have 5k for estimated closing costs.
We have good credit.
We have back-up funds for atleast 3 months just incase anything were to happen.
So the problems really occur in our jobs. I was told by a lender that no matter what my income can not be included because I have less than 2 years of self-employment. Also, almost everywhere that I read says that there has to be 2 years of employment history, with a few exceptions.
Is there any way that we can get a loan? Is it possible that his current residency could be an exception as to why he does not have a longer employment history? Any input would be appreciated. Thank you!
Oh, and we make approximately 45k a year before taxes.. and about 55k including overtime..
Hi Guest,
It would be difficult for you to get a loan in such a circumstance. Your lender is right in saying that you would not be considered for the loan as you do not have a employment history of 2 years. No-doc loans or stated income loans were available earlier but now-a-days most of the lenders have stopped giving such loans. You can speak to your lender about stated income loans and check if he is ready to give you such a loan.
Thanks
It would be difficult for you to get a loan in such a circumstance. Your lender is right in saying that you would not be considered for the loan as you do not have a employment history of 2 years. No-doc loans or stated income loans were available earlier but now-a-days most of the lenders have stopped giving such loans. You can speak to your lender about stated income loans and check if he is ready to give you such a loan.
Thanks
apparently the qualifications needed to "assist" with a mortgage is that one must be "on line now!"
if you would love to assist someone that much, why not post a comment that makes some sense instead of adding your ridiculous posturing and advertising, m?
if you would love to assist someone that much, why not post a comment that makes some sense instead of adding your ridiculous posturing and advertising, m?
But for a stated doc loan do you have to have the 2O percent down? That is if I could find anyone willing to give me such a loan..
sorry, guest; i meant to reply to you, too.
your work history isn't going to be of much help in this matter. lenders are going to require a 2 year history for your income to be considered.
i have to say this, though: you've done a lot of good things in trying to prepare yourselves, with the savings, etc. is it possible for your husband to qualify with his income alone? you mentioned "residency" so i gather he is a physician, maybe?
your work history isn't going to be of much help in this matter. lenders are going to require a 2 year history for your income to be considered.
i have to say this, though: you've done a lot of good things in trying to prepare yourselves, with the savings, etc. is it possible for your husband to qualify with his income alone? you mentioned "residency" so i gather he is a physician, maybe?
i wrote that before i saw your question about a stated income loan. the same requirement holds - 2 year work history. also, anyone making those loans these days is looking for 25% or more down payment (usually more).
Yes, he could qualify on his own for the amount of loan that we want.. I meant his residency as he just became a legal resident of the US. So he has only been allowed to work here for the past 6 months. So is there any way to qualify on his 6 months of work? He makes 30k a year before taxes and 40k with guaranteed overtime..
the biggest issue in this case now would be credit - length of time he has established the credit, scores, etc.
Well he has some credit. My parents added him to their account (They added me 3-4 years ago) right after he got his social security number and I just looked at his credit report and it says "Length of Credit History: 14 Years, 2 Months" My parents opened that account in 1995 and I can't find anywhere that it says he's only had it for 6 months. We also just recently opened an account at a retailer to try to better establish his credit. His credit scores are all over 700.. over 720 I believe.
I don't know if my credit matters, but I have both of those accounts plus a car loan. My scores are also all over 720.
I don't know if my credit matters, but I have both of those accounts plus a car loan. My scores are also all over 720.
Hi Guest!
Welcome to forums!
Your husband should have at least 2 years of employment history in order to qualify for a loan. A credit score of 720 and above will help him in qualifying for both conventional as well as FHA loans. But lenders may not give him a loan if he can't furnish an employment history of at least 2 years.
Sussane
Welcome to forums!
Your husband should have at least 2 years of employment history in order to qualify for a loan. A credit score of 720 and above will help him in qualifying for both conventional as well as FHA loans. But lenders may not give him a loan if he can't furnish an employment history of at least 2 years.
Sussane
believe me, someone will bite when you show up with scores of 700 and more.
So you are saying that with only his 6 month employment history and excellent credit that he should be able to be pre-approved for a loan with atleast some lenders? I searched your company and I see that we have one in the city that we live in, do you think we would have any luck there?
My husband has actually been working with the same company for over 2 years, he started through an agency and then was hired by the actual company in April 2007. He would not be able to provide W-2's or tax returns for anything prior to the last 6 months, but his employer would be able to confirm the 2 year employment history with their company, It is also listed on all of the paystubs that his hire date was April 2007, but just can't get the W-2's.
My husband has actually been working with the same company for over 2 years, he started through an agency and then was hired by the actual company in April 2007. He would not be able to provide W-2's or tax returns for anything prior to the last 6 months, but his employer would be able to confirm the 2 year employment history with their company, It is also listed on all of the paystubs that his hire date was April 2007, but just can't get the W-2's.
do the w2s not exist at all? was he working with a tax id number rather than social security number? it sounds odd, so i wouldn't want to go out on a limb and say you're shoe-ins, but you can certainly give that number a call and pose your scenario to them.
when i said "someone" i didn't mean for you to take that as a definitive statement, frankly. it's more speculation than absolute fact; but it can never hurt you to make a phone call.
when i said "someone" i didn't mean for you to take that as a definitive statement, frankly. it's more speculation than absolute fact; but it can never hurt you to make a phone call.
The W-2's exist with a fake ssn.. He was working illegaly with the company and then after he received his work permit and real ssn he admitted to the company and had his information changed. So now his paystubs say he has been working since 4/07 but he only has w-2's since 10/08.
ok let me make a suggestion...
Don't buy right now. It seems that you are trying to squeeze into a home at a young age too. Hold off for at least a year. You may also benefit from values continuing to decline, you will save more $$ to help with your cash situation and you may qualify for a better rate since your work history will be different at that time.
Don't buy right now. It seems that you are trying to squeeze into a home at a young age too. Hold off for at least a year. You may also benefit from values continuing to decline, you will save more $$ to help with your cash situation and you may qualify for a better rate since your work history will be different at that time.
