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Looking to buy a home

Posted on: 09th Jul, 2013 01:36 am
We are looking to buy a home. Both of us have a good amount for a down payment for a modest home. We are first time home buyers. But the problem is that I have a new job and I will remain on probation for 1 year. In such a situation, will I be able to get the mortgage?
Hi Bellbottss,

Well, the duration of your job can be a negative factor when you apply for a mortgage. The lender will want you to have 2 years of stable employment history in order to approve you for the loan.

Take care
Posted on: 09th Jul, 2013 02:05 am
Welcome Bellbottss,

I agree with what Sara has said. In order to get a mortgage, you will have to show 2 years of employment history. Unless you meet this criteria, the lenders will not consider giving you a mortgage.
Posted on: 09th Jul, 2013 08:07 pm
Posted on: 09th Jul, 2013 08:44 pm
Why don't you take help of a co-signor for getting the mortgage loan? Once your job becomes permanent, you can refinance the loan and drop him off, as advised by Arthur. Don't you have someone close who can co-sign the loan for you?
Posted on: 10th Jul, 2013 11:26 pm
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