Short Work History/Self Employment

Posted on: 10th Feb, 2012 11:54 pm

My fiance and I have found a home we adore. It is in pre-forclosure, listed at $15k, and selling for much less that it is worth. We have been researching loans for a while but we want to be sure to choose the right options for our situation before taking our request and required documents to a loan officer. My income is around $50k but since I am a subcontractor working for a government agency I am technically self employed. I've been working here for about 7 months. Previous to this I was in college and acquired a job in less than 2 months of graduation. He works in retail making $20k and has been doing so for a year. We both have excellent credit. We have enough savings for 10-20% of the downpayment.

I"d like to know which institutions/types of loans you would recommend for a couple in our situation. We have the money to make monthly payments but we are worried our work history will hurt our chances of getting a loan.

Suggestions?

Total Reply : 3

Hi MaeBella,

Yes, your work history will play a negative role when you apply for a mortgage. Nevertheless, as you have a good credit and income, you can take a chance and apply for a mortgage with your local lenders. If you don't get a loan from them, then you can contact the private lenders and apply for a personal loan. However, you should note that such loans are available at a higher interest rate.

Thanks

jameshogg

Posted on: 11th Feb, 2012 12:27 am

Thank you for your response Jameshogg, I really appreciate it.

Edit to my first post: the home is listed for 150k, I WISH it was 15k :P

Anonymous

Posted on: 11th Feb, 2012 08:58 am

You're welcome, MaeBella!! :)

jameshogg

Posted on: 14th Feb, 2012 11:07 pm