Posted on: 30th May, 2012 08:26 am
Thank you in advance for any help. I live in NC and am wanting a home loan. I do not have wonderful credit (+-620) but my payment history is good for the last several years. It is being held back by a judgement of around 6k. I am willing to pay this off immediately.
I have debt of around 5k (car) and income of 52k. I am wanting to buy a home for 156k. The only other issue is my work history. I was unemployed for quite some time and have no tax records from 2 years ago. Last year I got a job and have a W2 from that year. I was on my last job for about 6 months and bot a better job offer (same career) and took in in February this year, so I know the job situation is not ideal.
I have parents with excellent credit / no debt who are willing to sign for me, and I have down payment money. Is there any hope of me getting a loan anytime soon (next month or 2) or will I have to wait until next year when I will have another W2, my judgement will have been paid off longer, and I will have been at my job longer?
I have debt of around 5k (car) and income of 52k. I am wanting to buy a home for 156k. The only other issue is my work history. I was unemployed for quite some time and have no tax records from 2 years ago. Last year I got a job and have a W2 from that year. I was on my last job for about 6 months and bot a better job offer (same career) and took in in February this year, so I know the job situation is not ideal.
I have parents with excellent credit / no debt who are willing to sign for me, and I have down payment money. Is there any hope of me getting a loan anytime soon (next month or 2) or will I have to wait until next year when I will have another W2, my judgement will have been paid off longer, and I will have been at my job longer?
Hello qverb,
A lot of way you can have, for example is think about why someone would need a co-signer on a loan. They have been turned down for credit on their own for a reason. This is usually due to a lack of credit history, but it could be for bad credit as well. Think about how much of a risk this person is. What do you know about their spending and finances? Do they have a steady job?
In most cases, if the borrower misses a payment on a loan, the lender will come after you first. They may not even try to collect from the borrower. The idea is that the borrower didn't make the payment in the first place. The lender knows that they don't have the money or won't pay in the future.
:idea:
A lot of way you can have, for example is think about why someone would need a co-signer on a loan. They have been turned down for credit on their own for a reason. This is usually due to a lack of credit history, but it could be for bad credit as well. Think about how much of a risk this person is. What do you know about their spending and finances? Do they have a steady job?
In most cases, if the borrower misses a payment on a loan, the lender will come after you first. They may not even try to collect from the borrower. The idea is that the borrower didn't make the payment in the first place. The lender knows that they don't have the money or won't pay in the future.
:idea:
Welcome qverb,
It is true that the lenders will want you to show 2 years of stable employment history when they qualify you for a loan. However, as your parents have a good financial and credit situation, they can easily co-sign for you. I don't think you will face any problems in getting a loan.
Thanks
It is true that the lenders will want you to show 2 years of stable employment history when they qualify you for a loan. However, as your parents have a good financial and credit situation, they can easily co-sign for you. I don't think you will face any problems in getting a loan.
Thanks
Employment situation might be your biggest problem for FHA loan. They require stable 2yrs employment. That does NOT mean that they will deny the loan because of job gaps... This is underwriter discretion. You will need to speak with a professional loan officer.
Conventional doesn't have an employment issue like FHA does.... And although job gaps are considered in underwriting, they do not automatically kill the deal.
FHA has a 'cosigner' loan.
Conv. does not.
Regardless.... 'cosigner' on FHA can only add income.... It cannot overcome other deficiencies on the file.
You can pay the judgment at closing and I dont care about it.... <= most times.
How much down?
Please feel free to email me with a link to this q&a if I do not respond to any follow up questions. I don't get on here much.
Good Luck!
Tom
Conventional doesn't have an employment issue like FHA does.... And although job gaps are considered in underwriting, they do not automatically kill the deal.
FHA has a 'cosigner' loan.
Conv. does not.
Regardless.... 'cosigner' on FHA can only add income.... It cannot overcome other deficiencies on the file.
You can pay the judgment at closing and I dont care about it.... <= most times.
How much down?
Please feel free to email me with a link to this q&a if I do not respond to any follow up questions. I don't get on here much.
Good Luck!
Tom
