Posted on: 24th Jan, 2010 09:56 am
Here's our situation. My fiance and I both have good (but little) credit. He's been at his job almost 5 years but only grosses about $16k a year. He has no other debt.
I'm a whole different story. I graduated film school in May 2009, have had four different, unrelated jobs since July since I struggled to find any work not seasonal, and finally landed a permanent full-time job - but it's unrelated to my degree. I am salaried at $25k, but I have only been there two weeks. We want to get the loan in the next month or two.
We have a down payment and reserves, we know we can afford the price house we want, but we don't know if we can get approved. He can't do it by himself because of his income, I can't do it by myself because of my work history.
My question is, if we do go in together, will his 5-yr. work history combined with my income (though I haven't been at my job very long) be enough to get approved? Or will we have to wait a couple years for my work history to add up?
I'm a whole different story. I graduated film school in May 2009, have had four different, unrelated jobs since July since I struggled to find any work not seasonal, and finally landed a permanent full-time job - but it's unrelated to my degree. I am salaried at $25k, but I have only been there two weeks. We want to get the loan in the next month or two.
We have a down payment and reserves, we know we can afford the price house we want, but we don't know if we can get approved. He can't do it by himself because of his income, I can't do it by myself because of my work history.
My question is, if we do go in together, will his 5-yr. work history combined with my income (though I haven't been at my job very long) be enough to get approved? Or will we have to wait a couple years for my work history to add up?
No, you need a 2 year work history. A lender CAN bend the rules if you were in school like you said. However, only being on the job for a few weeks will not cut it