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How to finance a mortgage when you was employed less than 1 month?
Posted on March 18th, 2010 4 comments
rainbow asked:
How to finance a mortgage when you just get employed less than 1 month? I plan to buy a house for $85,000, with $20,000 down and just started working ($15/hour). I had no work history in the last 2 years, no W2 form in the past. I talked to one agent at Chase bank, he said I am not qualified for a loan, and I was in doubt. How could students just graduated, got a job to buy a house? Most graduated students do this right? My credit score is okay, 650 as I remembered the last time I checkedI was employed by my parents business, is this an issue? It is a legitimate business, and my parents paid for taxes every year. My parents are in business for 6 years now.
What are the proof the bank will need? Employment verification letter from the owner of the business?
Do you know any private loan is doing stated income loan?
Please advise
Thanks
I just checked my credit score and it is 770. I think it is good credit score
MariePersonal Finance Buy A House, Buy House, Chase Bank, Credit Score, Employment Verification Letter, Finance, Income Loan, Job, Legitimate Business, Mortgage, Parents, Private Loan, Proof, W2 Form, Work History4 responses to “How to finance a mortgage when you was employed less than 1 month?”
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I am not surprised that you were told that you do not qualify. Having no reported income (taxed) suggests that you might be a tax audit waiting to happen, given that you have 20k to put down. Banks do like to avoid lending to people likely to be audited and found in severe tax arrears. And in your case they can not know.
You should consider saving up another 15,000 this year, and of course get yourself some reported income. Then go for a loan with your 35,000 down payment. I think that you would likely qualify then.
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chatsplas March 24th, 2010 at 03:53
MOst lenders won’t lend to you until you have AT LEAST 6 months employment, and many will require 2 years.
If you were employed by parents, got W-2 and filed tax return, there’s no problem. They won’t even know it is Mom and Pop’s business. -
stan c March 27th, 2010 at 15:37
If the $20,000 was put away when you worked for your parents, that fine, if not you’ll have to explain where that amount came from. Do you have w-2 forms from when you worked for your parents? If so, then contact a mortgage broker and see what options you have.
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Martin March 28th, 2010 at 05:14
I would be more than happy to help you obtain your mortgage.
I am a mortgage broker. Email me, and let’s discuss your loan options!
M
I am on line now!
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donfletcheryh March 21st, 2010 at 17:43