Compare Mortgage Quotes

Hi,

I just graduated from college in May, 2009 and want to buy a house. I got a job with the state of CA and been working there for 3 months. My job is stable and have pretty good income. But my loan was reject because I do not have enough work history. My parent will give me the money for downpayment... so that will not be a problem.. I want to know how I can get the mortgage for the house..

smckaybiz · Posted: Thu Jun 11, 2009 6:43 pm Post subject:

Hello incognito...

Sounds like a sticky situation. I really don't know if anyone will give you a mortgage with 3mnths employment history and if you can find someone you will end up paying through the roof in fees and probably end up with an outrageous interest rate.

If your parents are willing to work with you why not see if one of them will co-sign with you with the intent of you refinancing the mortgage in 2 years. After you've been working for a while you can get a mortgage in your own name to get your parents off of the loan.

Good luck

eric1 · Posted: Thu Jun 11, 2009 7:47 pm Post subject:

I agree with Scott in that it would be nearly impossible to find someone who will work with you having only three months of work history. There is really no track record there to indicate a "stable" job.

I am not in favor of co-signing though. That is a train wreck waiting to happen. It is also not good for your parents to have your mortgage on their credit report. Your bext bet is to live at home for two years and save some money.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Guest,

If you are working for state of CA, I would waiti a little bit. As you know state of CA is goign thorugh some tough times and there has been some significant budget cut and also job cuts

House prices in CA does nto look like goign up, so you can waiti a little more.

Good luck and feel free to ask

gmakerley · Posted: Fri Jun 12, 2009 7:53 am Post subject:

siobhan must have been unsuccessful in reaping new clients. this guy is like the doggone terminator.

anyway...it's generally been the situation that college and the completion of your education compensated for a 2-year work history, and that newly-found employment after graduation wouldn't work against you.

this is truly a new era, i guess.

Property State:
Property Type:
Credit Rating:

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

First-time Homebuyer- less than 2 years of employment history