Julie Messina's Discussions

Congrats on the job!If you have a job in the same line of work that you obtained a college degree for, FHA allows you to use the college education in leu of a two year work history.  You are the perfect candidate for a FHA loan if you have managed credit wisely (660 or better fico).   The down payment rquirement can be overcome with a gift from a relative our down payment assistance from a HUD approved agency.

First, Halleluia and congrats in finding a new job!Secondly, you obviously have good credit management habits and (possibly) a savings account if you can go six months without employment without affecting your credit rating or clean housing history.  You are EXACTLY the type of borrower underwriters like to approve.  In this economy job gaps are understandable.  If your in your previous job, you were a W2 salaried wage earner with stable history of employment (2 years or more) in the same line of work you should be able to get a mortgage now with a letter of explanation about the job gap.  This is assuming you are still in the same Line of work as a W2 wage earner under your new employer.If you made a career change or are now working on commission you may need to show a two year history of income in your new occupation to qualify.Guidelines are a little different for FHA vs. Conventional.  How much money are you puting down on the purchase of your new home?