Posted on: 24th May, 2009 11:26 am
Sorry if this is in the wrong forum. I'm basically on the edge here. I have not talked to a broker or anyone due to the fact that I did not beleive I could qualify for a mortgage. I applied for a loan on a laptop earlier in the year, I could have paid cash for it, and got denied. I pretty much thought that I had no chance of getting a mortgage if I couldnt even get approved for a laptop! My parents are leaving eachother after 25 years, and selling the house that I currently live in. I need a place to stay, and I dont want to pay rent!
I'm 20 years old and I'm looking into moving out. I have $2,000 in stafford student loans that are being paid off at about $100 a month and a credit card that I have had for about six months now with no missed or late payments. The card gets paid off in full every month. I've had my current job for almost a year now, and it will be over a year when I apply for a mortgage. I make $40,635/year with a raise to $46,000/year coming up in about a month. My credit scores are in the 640-680 range, which is due to the lack of history, not bad history. I have no car payments. Car insurance of $150/month. As of now, I have $11,000 in cash saved for a down payment. I am wondering if I would be able to get a mortgage for a house around $120,000 - my $11,000 down payment. I live in florida. I've heard a few of my co workers metion FHA loans, but I dont even think I qualify for those due to my lack of work history in the same field (I'm at about a year and 6 months in the same field).
If you need any more info, let me know.
Thanks!
I'm 20 years old and I'm looking into moving out. I have $2,000 in stafford student loans that are being paid off at about $100 a month and a credit card that I have had for about six months now with no missed or late payments. The card gets paid off in full every month. I've had my current job for almost a year now, and it will be over a year when I apply for a mortgage. I make $40,635/year with a raise to $46,000/year coming up in about a month. My credit scores are in the 640-680 range, which is due to the lack of history, not bad history. I have no car payments. Car insurance of $150/month. As of now, I have $11,000 in cash saved for a down payment. I am wondering if I would be able to get a mortgage for a house around $120,000 - my $11,000 down payment. I live in florida. I've heard a few of my co workers metion FHA loans, but I dont even think I qualify for those due to my lack of work history in the same field (I'm at about a year and 6 months in the same field).
If you need any more info, let me know.
Thanks!
Your scores are OK, your employment seems OK.. what were you doing before your started working? Everybody's situation is Different, however, I just closed on a loan with a First-Time Homebuyer who's work employment was 1 yr 8 mos...however, she was a student prior to working. Theres a lot of factor that goes into a borrower qualifying for a home loan. Based on what you said, you seem to qualify for a home.
"jmarr91@yahoo.com"
[Email address deactivated as per forum rules]
"jmarr91@yahoo.com"
[Email address deactivated as per forum rules]
mrs m, this is a stretch for mike. he has only one year's work history. he is also in a state which is experiencing a serious decline in values.
mike, i recommend that you speak to your parents. see if they will sell you the home and hold the mortgage for a while. then in about two years, you can refinance with a bank and pay off your parents. by then, your scores will hopefully be in a better place and your income will be higher.
mike, i recommend that you speak to your parents. see if they will sell you the home and hold the mortgage for a while. then in about two years, you can refinance with a bank and pay off your parents. by then, your scores will hopefully be in a better place and your income will be higher.
I would have to agree with Eric. You will encounter problems with the employment history. Exceptions are made on loans like this with many compensating factors which may be with credit which you lack in history as well. Find out if your parents can/will hold the mortgage until you're able to qualify for a good loan for you. I hope this helps...
