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Hey I want to buy my 1st home but I only have 1yr work history, would I qualify? Or would I have to get a co-signer? And how would a co-signer help? Would the co-signer have to be 1st buyer?

eric1 · Posted: Sat Mar 21, 2009 5:22 pm Post subject:

What were you doing before you started work one year ago. Depending upon your answer, you may still qualify.

adonis · Posted: Sat Mar 21, 2009 7:25 pm Post subject:

Hi juanita,

I think you will require a co-signer in order to get a mortgage as you do not have 2 years of employment history. If you want to take advantage of the first time homebuyer's tax credit, then the co-signer will also have to be a first time homebuyer.

chrisburns · Posted: Sun Mar 22, 2009 5:40 am Post subject:

There are very few instances where you can get around the 2 year employment history. If you have less than two years most likely your income won't be able to be included... therefore a cosigner would be useful

Jessica · Posted: Sun Mar 22, 2009 9:26 am Post subject:

Yes, a cosigner will help you qualify for the mortgage. But I don't think he has to be a first-time buyer necessarily.

I'd like to ask you about your work history prior to the 1 year employment. It may help you qualify without a cosigner even. Have you been working in some other country? Well that could be considered by lenders though they'd like to verify your employment. However, 2 years of employment in the same occupation is given preference because it implies a kind of stability.

You may refer to a previous discussion on employment for mortgage for further details.

Now, regarding the home buyer's tax credit, you need to qualify for it just in case you'd wish to have it. The best thing about the tax credit is that you don't need to repay it. However, there are certain income limits which will decide as to whether you qualify for the tax credit. Just browse through http://www.greensborobuilders.org/uploads/2009%20First%20Time%20Buyer% 20Tax%20Credit.pdf for a detailed information on the first-time home buyer's tax credit.

Regards,

Jessica.

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