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I started a new job four months ago and just started talking to mortgage brokers about borrowing in the Los Angeles area to get a rough idea what my options will be 6-12 months down the line. A likely point of contention with them is that my job is fairly new. Before this, I worked at a start-up and was part of a mass layoff there after only six months (so three jobs in the last 11 months). I plan on putting about 100k down with some of it coming via gift. My credit score is around 860 and I make around 80k/yr not including 20-30k through sidework. I would be debt-free at the time of purchase. I would be a first time buyer and am not terribly picky about what I get.
How long would I have to be at my current company before being able to be approved? The broker I spoke to last week suggested it might be a matter of "months". I've been in the same field for the last 7 years and have not been out of work longer than a month between jobs.
Last edited by cbluciano; 09-06-2014 at 07:25 PM..
Ah, the joys of starts ups, been there done that. Your options in 6-12 months are bright. There are other factors since you are also self employed making 20-30k extra. The HR department of your current job will also play a role. Is there a reason you are waiting 6-12 months. Picking in your prices range in the LA areas are pretty low. You can start shopping now and it might be 6 months before you even get an offer accepted.