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Guest

I live in the los angeles area and recently switched to a much better job about 4 months ago. I would like to take out a fairly large mortgage loan to buy my 1st home of hopefully up to 450k. The problem is that although I can afford the payments with the recent job change I don't think I will be able to receive a loan on my own. So far I am on pace to make about 85-90k a year. My tax return coming up should show me making only 60k. I have a 730 credit score, and zero debt. Would i be a candidate to receive an fha loan with my parents cosigning? or is my work history too limited? If so how long would it normally take for the cosigner option to be something that would work?

Thank you so much In advance for any info you can provide!!!

gmakerley · Posted: Sun Nov 15, 2009 10:10 pm Post subject:

you didn't say what you do for a living. if you are a commissioned salesperson, then your short history will work against you. if salaried, you're better off. you may well be able to use parental cosigners.

jenkin7 · Posted: Sun Nov 15, 2009 11:38 pm Post subject:

Hi Willy,

FHA generally requires a borrower to have a work history of at least 2 years. But it is also possible to get approved for a loan with a work history shorter than 2 years. Your credit score is quite good and can help you qualify even for a conventional loan. But conventional loans do not allow non-occupant co-signers, whereas FHA does allow non-occupant co-borrowers to sign on the loan. Thus, if you are approved for an FHA loan even with the short work history, your parents can definitely co-sign on the loan to help you qualify in terms of income.

gmakerley · Posted: Mon Nov 16, 2009 8:11 pm Post subject:

jenkin how come you get so excited?

Guest

Thanks for the help.

Gmakerley-I am a base+commission sales person. I make 39k base + commision which should turn out to be another 50k which I am on pace for. By the time I look to get the loan I should be at the job for about 6 months. my parents make about 55k a year with no debt as well and have been at their jobs for 20+ years. does this sound do able?

gmakerley · Posted: Tue Nov 17, 2009 9:25 pm Post subject:

with a 6 month history, your commissions earnings won't be given consideration (maybe as a compensating factor), but your combined earnings with parents should stand you in good stead, based on what you'd described earlier.

hopefully, over time your earnings will be equivalent or higher, or else that $450K loan you're looking for will be stretching your parents thin.

Guest

we are first time buyers and are looking to get a house it only worth 71 but going for 999 hoping to find a loan with no money out of pocket or closing cost in payments he is salary but only has been working for the company for 4 months but was working through a temp agency at the same company for a year credit is good

jameshogg · Posted: Tue May 11, 2010 11:21 pm Post subject:

Hi Beth,

Lenders will not be ready to give you a loan unless you pay a down payment. Though your credit is good, you will have to offer a down payment to get the loan. If you are looking for a conventional loan and cannot pay the down payment, then the lender will ask you to go for private mortgage insurance.

Thanks

jveenstra · Posted: Wed May 12, 2010 8:51 am Post subject: Los Angeles

Willy, If you were to make about $90,000 and you have no other debt and you purchased for $450,000 with a 5% down payment (you did not tell us the mortgage amount or down payment) you would have about a 40% to 45% debt ratio and that is ok for FHA.

The FHA loan limity is by county and the county limit needs to be high enough to cover the loan amount you want.

As you note, you need two years commission income to qualify on your own. Parents can be cosigners or coborrowers with the FHA mortgage.

They could also be nonoccupant coborrowers with 10% down with a conventional loan.

FHA requires you have a work history oif 6 months to use the base income if it were your first job. You switched jobs so base income is useable right away.

Guest

im a manager not problems with credit score or down payment. can i apply for a conventional mortgage to purchase a condo

jerry · Posted: Tue Nov 09, 2010 3:45 am Post subject:

Hi Guest,

With a job history of 6 months, it will be difficult for you to get a mortgage. The lender will want you to have a work history of 2 years at least.

Thanks,

Jerry

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