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I have have the 20 percent down, I have a credit score of fica score of 712, but I only have 6 months on the job. I have been doing my job for 6 months straight. Before that, I had a period of nearly 3 years where I didnt work at all. I did do what Im doing now for the 12 years prior to that. Hey guys, can I get a mortgage out there or do I need to wait another 18 months? Does FHA have easier rules, Im a vet too, will that help?
It is going to be difficult for you to get a mortgage. What reason for the 3 years of no job. If you have a good reason, than maybe, but going to be tough.
It is going to be difficult for you to get a mortgage. What reason for the 3 years of no job. If you have a good reason, than maybe, but going to be tough.
Went to school (useless in job market), tried to get a job with new skills, but ended up back at my old career. So you think that If I panned my application (like lending tree) out to dozens (hundreds maybe) I don't have much of a chance?
I think your chance would be slim. On the good side, you are putting down 20% which is very positive. I would suggest that you try a portfolio lender such as US bank or a local credit union. If you show that you are working in the same line of business as before attending school, and provide proof you were in school during the 3 years, you have a chance.
If you went back to school and graduated (didn't drop out), then as long as you didn't take more than 3 months between finishing school and starting your job, you'll be just fine. Copy of the diploma, transcripts and at most a letter of explanation would be needed.
What does the fact that you weren't working in the past have to do with now as long as you weren't late or negligent in your financial obligations? I took a 10-month sabbatical to take care of me and a family members health issues and lived off my reserves during this time and never sweated a single day financially. I then returned to the same employer for 6 more months before leaving and taking my current job in the same profession for over 25 years. I would think being able to show you can still handle your financial obligations while not employed would be an admirable quality for a borrower.
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