Profile picture for TinBoston

Just out of Grad School, starting new job in 2 weeks, low-ish credit score/high salary. Help in Mass

Some info (as most other posts I read are bereft of info):

I just finished grad school (MBA) in Boston and my girlfriend and I are looking to put down permanent roots in the Boston area. I have not had a full-time job in 2 years, due to business school, but I am starting a job in 2 weeks. I have a credit score of 680, as I have student loans and no credit cards aside from my Amex. My girlfriend has a similar credit score (690) with similar reasons. 

Our total household income will be $165,000. That's just base salary. Minimum bonus listed on my offer letter is $15,000 and I received a $15,000 signing bonus to be paid in my first paycheck.

But I will not have paychecks for at least 6 weeks, and even then it'll just be the first check. My salary is about 2/3 of the total listed above. 

Am I going to have to wait until I have a few checks under my belt to get lenders to prequalify me? And is our salary going to help offset our low credit scores? I know Mass is a bit different in that I'll need 60 days of pay before I can close but I'm having trouble determining if I'll be able to prequalify on my letter of employment.

Thanks in advance!

T in Boston
  • June 07 2012 - Back Bay
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Answers (5)

Profile picture for shapiroamg
Years in school count as employment history.  You definately should be getting a PreApproval. We do them at no charge/obligation.
  • July 23 2012
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Profile picture for BartGabe
If you went to schoo for the job that you are starting then we have options for. I am a lender with 25 years experience and I am happy to review your loan scenario. Click on my profile.
  • July 21 2012
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Congratulations on your new job and your upcoming investment in a home! Lenders will be looking for your previous two years tax returns as well as other documentation. There are many mortgage bankers and brokers that would be able to better answer your question as well. It seems as if you will have the ability to potentially put a significant amount down, so that should help your cause.

Please let me know if you have any questions!

Eric
  • July 19 2012
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Profile picture for Ofe Polack
First of all congrats on your new job!!!  I suggest that you talk to at least two lenders and share your financial profile with them.  They will advise you on what to do to increase your credit scores.  Since lenders require the last 2 two years IRS reports and the last 2 months bank statement, plus the last 2 months's pay stubs, the conversation you have with the lender will guide you as to how to prepare yourselves for a home purchase in the near future.
  • June 07 2012
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Hi T,

I Would be happy to work with you if you contact me via profile.  You can be pre-approved within 60 days of your new position.

Best,

Eric
  • June 07 2012
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