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Answers (8)
- William Metzker, "MrLiam"
- Contributions:210
Qualifying will be easier than you think, especially if you live in Multnomah County. Check with your bank or credit union.
- Rahimipour
- Contributions:4
Thanks Everyone! Right now I have to focus on moving out of my new apartment so the new owners can renovate. IWe have decided to move into a smaller 1 bedroom to save a little more money and so I can get settled into my new job. We will revisit the idea of purchasing a property in the summer/fall of 2011.
- Janeese Jackson, "Janeese Jackson"
- Contributions:255
I definitely agree with Corri. You have a lot of attributes that a lender would appreciate. The best way to find out is to run your scenario past a professional mortgage broker. I don't know if you are in the Portland area, but if so I could definitely direct you to several very reliable sources. I would love to be of service!
- Corri Klebaum, "CorriKlebaum"
- Contributions:199
The job time could be an issue with some of the new lender overlays we are starting to see. For example a recent graduate used to be able to count the time in school as work history but some lenders/investors are not allowing it. The good news is you have some compensating factors with the savings and high score, I would recommend sitting down with a lender to review your scenario and get a credit only approval from an actual underwriter before you get too far into the process.
Best of luck!
Best of luck!
- Rahimipour
- Contributions:4
PS...I am a US citizen, my husband is a permanent green card holder
- Rahimipour
- Contributions:4
My husband is a permanent green card holder, he is not here on a worker visa.
- Adam Williams, "Will_Adam"
- Contributions:79
It sounds like it would be worth pursuing with a mortgage lender. I think the tricky issue will actually be your visa status. I'm working with a buyer now that has been in the US for six years, has excellent credit and income. The lender is requiring 40% down because of her current work visa status. Ask the lender first about the FHA guidelines on that. Good luck!
- Jessica Christopher, "JessicaZC"
- Contributions:178
Yes you are and there are a lot of state and federal programs, the rates are going up so the faster you move the better. Good luck and Happy House Hunting!
Qaulifying for an FHA loan
My question is: Are we good candidates for an FHA loan?
My husband has lived in USA two years, working steadily, building up his credit score. I have a high 700's credit score, no debt. But I was laid off over a year and a half ago. I just now starting working. We have $15,000.00 saved here (and my husband has $40,000 in his home country)...
We are tired of moving into an apartment (happened in December 2009 and Dec 2010) only to be told after one year the building has been sold and all the tenants have to move due to renovations. And rents have increased a lot in two years to the point paying for a condo or small house seems a better option.
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