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Old 12-08-2008, 10:14 AM
 
Location: GIlbert, AZ
3,022 posts, read 4,386,223 times
Reputation: 2047

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I have been on my job for only 3 months, its half wage, and half commission (on average), I have a middle credit score of 699. I have 25 percent down, are there still Mortgages out there for me?
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Old 12-08-2008, 10:35 AM
 
28,393 posts, read 68,085,348 times
Reputation: 18202
No offense, but why would you WANT a mortgage with your current situation? I think the 25% down is great, but there are not too many places where values are doing anything other than declining.

If your new position is in the same field as your old, and your verifiable income is in-line with what you want to buy, the short time on the job is less of a factor to lenders. A credit score a few points higher would make you a better risk.

Rates are unlikely to go anywhere but slightly down over the near term.

Over the next few months you could probably work to improve your credit score higher, increase your downpayment, strengthen your employment history AND have better selection of houses...
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Old 12-08-2008, 08:10 PM
 
Location: GIlbert, AZ
3,022 posts, read 4,386,223 times
Reputation: 2047
ture, but after being in a home for 7 years, this last 9 months in an apartment is horrilbe, and my lease is almost up. I live in AZ, and I think we are nearly at the bottom. Our inventory as gone down for 2 months. Im not in the same field by the way, thats why I wonder if under a year will prevent me from employment.
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Old 12-08-2008, 09:27 PM
 
Location: Plano, Texas
1,676 posts, read 6,341,084 times
Reputation: 684
I would like to say that Chet is way off, there are places that are not going down in value, come to Texas as most of Texas is still doing fine. I would think you would want to buy to get out from renting which is throwing money away. The change in career is going to make it difficult, but with 25% down, you should be able to get a loan, but you will only be able to use base income to qualify and not the commission income. It would also help to get your credit score over 700 even though just a point below now, it will help.

Now is a great time to buy as rates are very low and homes are on sale. We may not be quite at the bottom of the market but the only time you know you are at bottom is after it has passed and homes are going up in value. That is why it is impossible to pick the bottom of the market.
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Old 12-08-2008, 10:15 PM
 
28,393 posts, read 68,085,348 times
Reputation: 18202
Victor:

What part of "not too many places" did you miss? btw -- thread from a nice home owner in Round Rock has her freaking out 'cuase she has not gotten an offer at day 82 on her list, when avg tts is running about 90 according to the realtor she is having second thoughts about...

And am I missing something or did I not also say the same thing that you did about a score over 700 making things better AND the fact that the income is going to have to be verified too?

Way off, huh?

While I too make money from real estate, and agree that there are many ways to benefit from different market situations, not everyone is the ideal buyer at every time. I really don't know or care when the bottom of market might be, nor do I care too much about when it may peaked / might rich new highs. I do, however, think there are some people for whom it is good advice to improve their own situation, though frankly in the case of the OP, in AZ, with 7 years of homeownership under his belt and 9 months in a rental, I still could not say whether it makes more sense to continue to rent or start to look for something to again purchase.
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Old 12-08-2008, 11:40 PM
 
Location: Plano, Texas
1,676 posts, read 6,341,084 times
Reputation: 684
chet you say not to many places doing anything but decline in value, so i didnt miss anything. I repeat, there are many places doing fine. You point someone who hasnt gotten an offer for 82 days... it is the slowest time of year to be selling a home, so on market for 82 days isnt uncommon. Maybe you are not aware, but the best time to sell is starting in march or so, not Oct/Nov. Yes, you are way off. I never said you were way off on your other comments.
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Old 12-09-2008, 06:29 AM
 
28,393 posts, read 68,085,348 times
Reputation: 18202
Dear Mr. Burek:

I have been in real estate for nearly four decades. I have posted about 9x the messages you have here on city-data. I am well aware of the the traditional slow periods in sales. I watch the national trends closely. I suggest that you do the same.

Good Day Sir!
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Old 02-17-2009, 05:51 PM
 
2 posts, read 3,315 times
Reputation: 13
Chet probably has a home of his own which makes it easy for him to pop the posters balloon. It is usually those that live in nice homes that are able to to tell someone who is in a small apartment not to bother looking for a house.

To the poster I say Home Ownership is the american dream and is much desired so go for yours...get a hold of mortgage brokers that will be able to look around for lenders suited to your qualifications. Why rent and pay someone else's mortgage when you can buy (if you are qualified). I am totally against renting unless i am the one to whom rent is being paid!
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Old 02-18-2009, 08:34 AM
 
4,548 posts, read 11,566,294 times
Reputation: 3069
Quote:
Originally Posted by Foreverking View Post
I have been on my job for only 3 months, its half wage, and half commission (on average), I have a middle credit score of 699. I have 25 percent down, are there still Mortgages out there for me?
You will only be able to use use your base pay for qualifying. You will need a 2 year history before your commission income will be included.
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Old 02-21-2009, 03:35 PM
 
Location: Ocean County, NJ
228 posts, read 1,009,525 times
Reputation: 110
I switched jobs about year and a half ago. But I moved from one company to another making more money but in the same line of work. They cared more that my employment was steady and that I didn't have a lapse in employment.
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