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sabrina1031
Joined: 20 Mar 2009
Posts: 1
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| Posted: Fri Mar 20, 2009 7:39 pm Post subject: land contract to mortgage |
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| my husband and I have lived in our home for 18 months, we were going to finance it to begin with but we are young (20 and 21) and had no credit at the time so the people we bought it from let us have it on a land contract and we have 5 years from the time we bought it have it financed. We would love to have it financed sometime this year, on his credit he has an auto loan - payments have never been late and on my credit i have student loans - again no late payments. the problem is his job history - he recently switched jobs - making more money than he did but he's only been there for 3 months now, how long should we wait to try to finance the home? my mom says we should wait til he's been at his current job for at least 6 months, does that have anything to do with it? |
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Greg Phillips
Joined: 13 Dec 2005
Posts: 123
Location: Chillicothe, Ohio
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| Posted: Mon Mar 23, 2009 11:24 pm Post subject: |
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No.
FHA wants a 2 year job history and you can switch jobs or have explainable gaps in employment.
Do it now if you can. Rates are phenominal. Hurry before they change a guideline and make you unable to obtain a loan. |
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AnnAnderson1015
Joined: 30 Mar 2009
Posts: 46
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| Posted: Mon Mar 30, 2009 9:38 pm Post subject: maybe |
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Did he switch jobs in the same industry? For example did he fixed cars at Joe's Garage and now works for Goodyear. If so then he can qualify because lenders look at this as being natural. It is very common for people to get better paying jobs in the same field.
FYI everyone: This applies for graduating college students. yes, someone fresh out of college on the job for a week can get a mortgage. I did this for a lawyer, who just got his law degree, got hired by a law firm, and brought a house all in the same month :) |
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Jenie0109
Joined: 27 Jan 2009
Posts: 307
Location: chicago IL
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| Posted: Tue Apr 14, 2009 12:07 pm Post subject: |
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| thanks for the tip |
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bestmortgages
Joined: 16 Apr 2009
Posts: 20
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| Posted: Fri Apr 17, 2009 11:03 am Post subject: Re: land contract to mortgage |
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| yes to apply for a loan u need to show atleast 6 months on job status. |
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Jenie0109
Joined: 27 Jan 2009
Posts: 307
Location: chicago IL
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| Posted: Thu Apr 23, 2009 8:50 am Post subject: |
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| thanks for the info. |
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feergoortens
Joined: 24 Apr 2010
Posts: 8
Location: ISRAEL
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| Posted: Sun Feb 12, 2012 5:41 pm Post subject: Re: maybe |
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