Profile picture for Brian Stone

Brian Stone

Lender

Mortgage Loan Officer

Specialties:
Purchase Loan,
Refinancing,
Home Equity,
Mortgage Planning

Advice

  • (23 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

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Recent College Graduate - What are my chances for a loan approval?

Answer

Those are some well thought out questions!From a lending perspective, the time you spent at college can be used in addition to your role as a nanny in our 2 years of employment history that is required. Don't worry about the nanny job not quite paying the same salary as your new prospective job. It is not difficult for us to show that you moved to the new occupation because it shows a positive gain in earnings.I noticed you said you had decent credit, so FHA might not be the best way to go. Have you looked at USDA loans? What about the Fannie May 3% down conventional loans? Some of these may be much better fit for your financial future.Let me know if you have any follow-up questions!

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Where can I get a loan?

Answer

The best answer is for you to contact a loan officer either in person or over the phone. This will allow them to ask you some more in depth questions about your situation that will help them determine your eligibility.If I had to take a guess on what may be your current roadblock in obtaining a loan, it could be your debt to income ratio. For a conventional loan the max DTI is 45%, for FHA it is 55%. This means if you took your monthly debt payments; (Auto payment, student loans, credit cards, fixed lines of credit). And you divide that number by your monthly earnings ($1300 according to the number you listed). You will find your Debt to income ratio! I of course couldn't be sure unless we were to talk about this a little more in depth! Feel free to send me messages with further questions if you have any!-Brian Stone

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