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Guest

Hi,

Would it be possible to be approved for a home loan prior to beginning a job? I would like to buy a home in June and do not start my job until the end of July. However, I would have a 20% down payment and would be able to document my future salary.

Also, if I would not be able to get a loan on my own, could I still get a co-signer intially, and then take the co-signer off the loan after I start generating income?

Guest

Oh, I also have solid credit (>740) and zero debt.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Paul,

Welcome to the forum.

Your credit seems good and you are willing to pay a large down payment also. But the lenders need last 12 months employment history and credit history. So is it that you get recently unemployed although you had a job before?

I think you should shop a bit for lenders may get a mortgage? Can you be able to pay the mortgage payments as you do not have job right now?

I you can have No-obligation free consultation from the rated lender of this community to know whether you can get a mortgage or not.

Best of luck,
Larry

Guest

Thanks for the response.

I am actually graduating college and have no full-time employment history.
My parents would lend me for first couple mortgage payments before I started recieving paychecks. I would really like the loan without my parents as co-signers. However, the chances are looking slim that I could obtain a loan without employment history/documented income.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Paul,

Welcome back.

If you want loan without showing employment history then you will have to pay a larger down payment and higher interest rate. As you do not have any job now can you afford the monthly mortgage payments?

Best of luck,
Larry

gmakerley · Posted: Sat May 03, 2008 7:30 am Post subject:

paul, if you purchase in the month of june, your first contractual payment due would likely be on the first of august. most lenders understand the circumstance you're in, and can work with it. i suggest you contact a lender or three and discuss this situation to ensure that you can do what you propose. in my experience, i have seen this take place often.

if your claims of excellent credit and plentiful funds are valid, you would seem to have an excellent opportunity to make the purchase you're trying to make under those terms.

jeffselan · Posted: Sun May 04, 2008 6:31 am Post subject: FHA

FHA has a couple options that will help in your situation.
1) College time can be used as employment depth if you are rolling into the same line of work
2) FHA allows for non occupant co buyers giving students the opportunity to be home owners with limited or no income.
3) Documented and verified letters of acceptance may possibly be used to proove future employment and help you get that loan.

20% down will likely not be neccesary. As George said, talk to a lender or 3.
Hope that hepls!

Guest

Thanks again for the great feedback.

Since George and Jeff; you are telling me it might be possible to still get the loan I want in my situation, can you point me to the types of lender's that would be open to discussing my situation?

I have talked to a few online lenders (Quicken Loans, Countrywide, etc) and none seem to entertain the idea of giving me a loan without any employment history documentation. They want at least 30 days to 6 months worth of paycheck stubs.

Thanks!

helping_user

Hi Paul,

Welcome back.

I think you should contact lenders offering no doc loans which do not require you to provide documentation of your employment history. All you need to provide is your Social Security number and property detail.

There are also low doc loans which require the least documentation and are available to those who don't have consistent salary, that is, who mainly work on commission basis. Also, there are the no-ratio loans which can be considered. But for all the 3 loans that I've talked about, you need to have very good good credit, which I don't think will be much of a problem for you as your score is above 740.

Now, what you can do is, talk to a few lenders in this community about no doc or low doc loans. For this, you need to apply for free mortgage quotes, so that your minimum details and loan requirements are forwarded to the lender by the community.

Just read the steps on what happens after you request for free quotes with the community lenders.

Thanks.

gmakerley · Posted: Wed May 07, 2008 9:58 am Post subject:

helping user has given you sound advice - we here in this community can provide you with additional information based on your overall specific circumstance.

the thought of a no-ratio loan is a bit humorous to me, inasmuch as those have pretty well dried up in this current market. not only that, but you'd indeed need a work history for that.

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