ATL Mortgage Question (Atlanta: foreclosures, to rent, mortgage broker)

[jforeman]

Hey, all.

I am graduating from grad school and moving to ATL in June and am hoping to buy a house when I move. I have two questions, one simpler than the other:

1) Anyone have any mortgage broker / banker recommendations for the Atlanta area?

2) This is a long question, so I'm gonna give all the details in case we've got a mortgage expert in the audience. I've worked throughout grad school at my university for both free tuition and a paycheck ($32000 in tuition, $24000 in pay per year). My job in Atlanta is a move up within the same field and my credit score is 720-ish. I won't have worked at my new job for long when I try to buy a house, so I won't have a bunch of saved up paystubs. What I will have is a letter saying my salary ($80k) and start date and job title, etc. on official letterheard. Think I can get a mortgage with this or is the industry such now that I'll have to wait until I've been at my new job longer? I'd like to borrow at an amount based on my new $80k salary since if I borrowed according to my $24k I wouldn't be able to buy anything worth buying.

Thanks for the help!

[mxd.Brit]

Originally Posted by jforeman

Hey, all.

I am graduating from grad school and moving to ATL in June and am hoping to buy a house when I move. I have two questions, one simpler than the other:

1) Anyone have any mortgage broker / banker recommendations for the Atlanta area?

2) This is a long question, so I'm gonna give all the details in case we've got a mortgage expert in the audience. I've worked throughout grad school at my university for both free tuition and a paycheck ($32000 in tuition, $24000 in pay per year). My job in Atlanta is a move up within the same field and my credit score is 720-ish. I won't have worked at my new job for long when I try to buy a house, so I won't have a bunch of saved up paystubs. What I will have is a letter saying my salary ($80k) and start date and job title, etc. on official letterheard. Think I can get a mortgage with this or is the industry such now that I'll have to wait until I've been at my new job longer? I'd like to borrow at an amount based on my new $80k salary since if I borrowed according to my $24k I wouldn't be able to buy anything worth buying.

Thanks for the help!

We are about to close on our home and let me tell you that aside from our DNA and giving them our 2 kids, we had to disclose everything even with a 20% down payment and good credit. My advise is go with the bigger banks for a mortgage and be prepared for a lengthier process than normal. I will DM you our realtor who has been fantastic - we are 1st time buyers and we are buying whilst living in England, she has been great.

Good luck!!!

[BobKovacs]

I'd say you're probably going to have to rent for 6 months or so, which will allow you to walk in with 6 months of 80k paystubs. The banks aren't going to take a chance on an "offer of employment" letter right now.

[ebs964]

I would find the smallest bank and develop a banking relationship with them. The small banks have more flexibility than the mega-banks and will actually look at you as a person - not a number in a formula. Good luck!

[lastminutemom]

I would rent anyway.

1. The market will still be declining through the end of 2008 and probably into 2009. The best buys are yet to be had. I can't believe the number of homes that seem to be coming on the market in my area. There are way more homes than buyers, it seems.

2. Unless you are very familiar with Metro Atlanta, you need to give yourself time to learn the area.

3. With the current market conditions, you need to make sure you like ATL. If you don't, you will have a hard time reselling within a year or two of purchasing.
Most experts are only recommending buying if it will be a long term purchase.

[George Chong]

I would get prequalified so you know what kind of monies you are working with and whether or not that works with your monthly budget. I always suggest a mortgage broker as they will shop your loan to try to get you the best terms possible rate.

I know that it is taking much longer to obtain a loan since there has been so many foreclosures throughout the country.

Give Christine Lim of First Fidelity Mortgage and Funding a call at 404 388-8800.

Good luck!

[jforeman]

Thanks everyone for the advice. I may just see whether or not I can get pre-approved and if I can't then rent for 6 months or so.

[TimtheGuy]

You will be able to qualify based on the $80k salary. Depending on lender and loan product you may need anywhere from 0 time on the job, to 1 day on the job, to one pay stub in hand.

[jforeman]

Originally Posted by TimtheGuy

You will be able to qualify based on the $80k salary. Depending on lender and loan product you may need anywhere from 0 time on the job, to 1 day on the job, to one pay stub in hand.

Hey, well there's some hope. Thanks!

[TimtheGuy]

To add to your hope...I am a mortgage lender, so I do know a bit about mortgages.