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Will I be approved for a home loan?

Ok, what are the chances I get approved for a home loan??  Here's the situation:  I graduated with a bachelor's degree 7 months ago and have been at my current job for 4 months.  I earn $52k plus another 5k from another part time job.  I am eligible for a VA loan through prior military service.  I am targeting a condo around 120k.  My credit score is around 700 and I have no monthly payments other than car insurance (~$100/month).  I know I haven't been at my job long but I was in school full time before that and I read somewhere that that's ok for VA/FHA loans.  What are my chances of getting approved??  Thanks!!
  • December 10 2013 - Capitol Hill
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Answers (8)

I don't see an issue with this at all.  I would highly encourage you to look at the VA option as VA loans typically have lower rates and don't carry monthly mortgage insurance.  I would be more than happy to provide you with my expert opinion on what the best options are for you.  It only takes a matter of minutes to see exactly what you will be approved for.  Thanks and have a great day!

  • December 13 2013
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By what you are saying it seems that you should have a good chance at obtaining a loan. Is your current job in the same field as your major for your degree? I ask this because lenders usually require a 2 year work history, but if your degree and job are in the same field then this would be an exception for the 2 year work history rule. Also your credit score is easily strong enough for a VA or an FHA loan. The best thing for you to do next is to speak with a lender directly to see if you can get started on financing a new home. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me!

Good Luck
  • December 12 2013
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Profile picture for davidhawke
Your credit sounds rock solid to me.  

However, with condos, you do have to be concerned about warrant-ability.  This refers to whether or not the overall "health" of the HOA is up to standards.   Things that can ruin the warrant-ability, would be too high of a ratio of renters to occupying owners (51/49), lawsuits between the HOA and the builder, poorly managed financials on the part of the HOA, etc.   Every time a govt loan is taken out on a condo, a "condo questionnaire" must be completed by the HOA.   If any of the crucial factors are out of whack, then the condo itself might not qualify for the financing... even if your credit is solid. 

A good Denver agent can help you determine this about the complexes you are interested in.  Always have them look into this before you invest too much time or energy into pursuing a unit.  As a rule of thumb... older, and smaller condo complexes are more often out of whack.  However, I see new ones get messed up as well, usually over lawsuits between the owners and the builder.  Often fighting over something defective the builder did, like cheap siding, improper drainage, etc.

Good Luck!
  • December 10 2013
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You should be fine as education counts as part of your two years if your work is in the same field that you studied.  Best thing to do is get a pre-approval, go over your situation with someone and see if your ready to move forward. 

How about savings, do you have any?
  • December 10 2013
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Profile picture for JustinLeffew
You should have no trouble at all. In fact, with a 700 credit score VA loan, you'll most likely qualify for some of the best rates on the market today. I would be more than happy to check and see for you if you contact me through my profile. Good luck!
  • December 10 2013
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Profile picture for David Widlund
If you are working in the field you studied, you're good to go. Give one of us a call and we will get you a lender letter so you can get shopping.
  • December 10 2013
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You should be fine, although the income from the second job won't come into play since you've had that job for less than 2 years.  Glad to help with more info, I write loans in all states!
  • December 10 2013
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You should be fine, although the income from the second job won't come into play since you've had that job for less than 2 years.  Glad to help with more info, I write loans in all states!
  • December 10 2013
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