Posted on: 28th Mar, 2012 01:18 am
I have been pre approved for a home loan. I am a new employee where I work (2 months) I am getting my past tax returns together but I never earned lot of money. When I was pre approved at the bank I was told I had a good credit score of 682 and that I would be able to get a loan in the 4.25 range. So my question is will the lack of the time I have in this state and on this job kill any chances of getting a home loan?
Normally lenders will want you to have 2 years of work history in order to qualify for a loan. If you don't have this much of employment history, then it can get difficult for you to qualify for a loan.
All you do is contact a local or national mortgage broker, and fillout the lending package. They can give you a pre-approved letter of credit for a certain time period.
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Wait. The loan process from start to loan approval for a typical loan transaction will take anywhere from one and a half to three weeks, depending on the particulars of your transaction and your lend.