Profile picture for richappe

First Time home buyer + new job

My finace and I would like to try to buy a home before the first time home buyer tax credit expires.  We are currently renting and our lease is up in June.  We gave up on trying to buy a house before the tax credit deadline about a month ago because we didn't think we would be able afford it.  I graduated with an engineering degree in May 2009 and haven't been able to find a job in my field.  Last week I got word that I will be moving into an engineering position and my pay will probably double.  Is it even possible for us to find a house and get the financing taken care of in time to get the credit?  Will the lender even accept my new salary?  Don't most lenders want atleast 6 months pay history? Should we just rent for another year and then try buying a house next year?  HELP
  • March 08 2010 - Brighton
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Answers (15)

Profile picture for Justin Kennedy
income type is a concern, i am assuming your W/2. however, many employers are hiring 1099 contractors to avoid taxes/medical. Please advise if w/2. also if w/2 income, no OT or bounes will be used in qualfing imcome only as compfactor.
  • March 10 2010
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Profile picture for David Widlund
John,

This isn't an advertising area, and you don't work within 1,000 miles of this buyer.

  • March 10 2010
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First let me say congratulations on the job, I would love the opportunity to work with the two of you as a very professional realtor with a proven track record and doing this full time I am one of only a fee who gives my cash to all my buyers. When you buy a house with me I make sure you don't overpay for it and give you back cash.
[content removed by moderator due to self-promotion]
Thanks
John Shultz
Samson Properties
  • March 09 2010
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Yes their are many lenders and willing to work with you on this
  • March 08 2010
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I would think the lenders on this forum are right on the money.  You are approve-able with paystub that reflect your new position and salary. Congrats on the new position.

To get the credit, you must be under contract by the end of April (unless extended) and close by the end of June.  Do not wait until the last day - "what if" always happens when you get too close to these type of deadlines.

 
  • March 08 2010
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One thing I can tell you is that Nic Netherton won't say 'call me for a quote' because he follows the rules of this website.

Another thing I can tell you - and you should do - is call Nic Netherton (who is a Colorado lender) 

Disclosure: I am not financially compensated for this referral. 
  • March 08 2010
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They are in Colorado.  


Rich--As long as employment is paid on a W-2 basis all you will need is a 30 day paystub.
  • March 08 2010
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Profile picture for bobdeeann
Where are you looking for a home? We have one that we want to sell in Ft. Worth, Texas. See listing:
3333 Half Moon Dr.
Ft. Worth, Texas

keetas2002@yahoo.com
  • March 08 2010
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Profile picture for wetdawgs
In the rush to try to get the credit, it is important to breathe deeply and realize that most parties don't think house prices have stabilized.   Perhaps prices will be lower in a year or two, at which time you'll have built up a good payment, be comfortable with your community and then are ready to start looking.  Chances are good that your prudence will gain you far more than the $8000 credit that is currently tantalizing you.
  • March 08 2010
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Profile picture for Charles Moore
Everyone is correct that you can use the new job income to qualify. You will need a letter from your employer, have your lender do a written verifcation  of employment, and the pay stub(s) if possible. Not every lender will allow this so shop around if someone tells you it can't happen. Good luck with your home search.
  • March 08 2010
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Profile picture for David Widlund
You can use the new job. You need a SOLID contract signed, or your first pay stub for approval.

You need to pick a lender (or 2, or more) to consult with, and get a pre-approval. They will go over all of the rules with you so you know how soon, and how much you can buy.

Investigate some of the lenders you see on this forum and see if there is one (or more) who matches your personality or needs.

Good luck!
  • March 08 2010
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Profile picture for David Widlund
Grant,

You've been on here long enough to know not to shamelessly self-promote.

Not cool.
  • March 08 2010
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Lenders need a 2 year work history, BUT your college education can be used in this number.  You will have to provide transcripts.  As for the income from your new job, no problem.  You will need a 30-day history and the lender will perform a full verification of employment.  Ultimately it will be up to underwriting to determine if this is a potential long-term job, but since your education is in the same field, you should be good as long as the rest of the file is solid.

  • March 08 2010
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t
  • March 08 2010
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You do have time though before you go off racing to look at homes, your first step should be to contact a mortgage broker to see if you can get qualified.  There is a great article on the benefits of using a broker over a bank and also some tips on why to shop around.  It's not written from any one view point and discusses the pros & cons of both. 

http://www.thechicago77.com/2010/02/bank-or-broker-why-shop-around/

There is still time, just make sure you have a buyer's agent that understands your needs and is willing to act quickly on your behalf.

Good Luck!
  • March 08 2010
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