Profile picture for looking4ahome$

Any loans available? my husbands been at his job 11 years but i've only been working for 4 months.

We want to buy a house.  We've been told that I can't be on the loan because I have to have at least 1 year with my employer.  we need both incomes to qualify for what we are looking for.  Are there any loans available for out situation?
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December 07 2010 - Braintree
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Profile picture for looking4ahome$
I won't be going to full time.  I work about 30 hours a week.
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December 13 2010
Profile picture for shapiroamg
one year might do it. any change you go to full time?
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December 10 2010
Profile picture for looking4ahome$
Again thank you for the responses.  So what if we wait til I've been at my job 1 year?  We just don't qualify for the houses we want with only my husbands income.
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December 09 2010
Part time?  That changes the equation.  It is unlikely your part time income will be recognized after only 4 months employment.  What is the prospect of lowering your purchase target price that will allow lending based only on your husband's income?
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December 09 2010
I would not count on your part time income.  10 years out of the work force and then only back part time is a hard sell.  Not saying that it can not be done but you will need a bunch of compensating factors
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December 08 2010
Yes there are loans available for your situation.  Your down payment and cash reserve will play a factor in whether you can be approved or not.  My  advice is seek a seasoned mortgage banker with a flexible lending platform.  Have them submit your file to underwriting for an income and credit approval, this will allow you to shop for a home with the confidence that you will obtain a final loan approval once you have selected a suitable property.  The end result will a more pleasure able home buying experience.  Hope that helps.
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December 08 2010

Part time may be OK. Are you working in the same line of work you've worked in previously?

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December 08 2010
Profile picture for looking4ahome$
ok.  Helpful information.  Now I have another question.  I'm only working part time.  Is that a problem?  we have pretty good credit and no debt.
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December 08 2010
I agree with Greg's response.  You will need to produce a pay stub evidencing at least 30 days of pay from full time employment at your current job as an underwriting condition.  With 4 months on the job, you have met this time requirement.  Of course, your entire borrower profile, inclusive of credit scores and assets will be reviewed for both you and your husband.  Good luck
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December 08 2010
Profile picture for looking4ahome$
thank you for the answers.  I haven't worked in 10 years because I've been a stay at home mom.  I do now have an hourly paying job.
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December 08 2010
Profile picture for shapiroamg
Perhaps you need to ask more lenders/brokers about your situation, dont just take the first company's word as gospel. I would start with what/where are you wroking now and what have you been doing for the previous 2 years. With those answers, many inquiries can then be made to various lenders and underwriters.
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December 08 2010

So long as you are salaried/hourly and are working regular hours you do not need to be at your current employer for more than one day for most mortgages, not to mention a full year.

You will have to document and explain any large gaps in employment in the last two years but that is about all you have to worry about.

Now if you used to be salaried/hourly and moved to a 100% commission position you will not be able to use the income because a two year history of independent contractor/self employment income is needed (sometimes less in some circumstances). But if you're salaried/hourly, you should be OK.

Hope this information helps...

Sincerely,
Greg

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December 07 2010
 
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