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...for a couple of years. If I get a job in my last profession of 3 years ago, will I be able to get a loan.
I would put a large down payment, 25% and hope to get a 100k property in San Diego.
Input please...
same boat, but have been have been working job for 6 months after 2 years of not doing anthing, but did same job 2 years ago for 15 years. input would be great
Yes. Very serious. With the 8000 credit, I want to be able to do quickly to take advantage of the option for first time home buyers. Have over 700 credit score.
I don't think anyone is stumped..... but you haven't given us enough info. If you want to purchase a 100k property and and put only 25% down, how are you going to pay for the remaining 75K?
If you are not working, are you receiving a pension, social security, other investments (IRA, annuities)? If you do not, why would anyone give you a mortgage if you have no money coming in to pay?
It's all about risk. If you have a means to pay, sufficient assets, a good credit score, low debt to "income" ratio then you should be ok. Do you have to have EARNED income or have a current job to get a mortgage... not necessarily, but your application will be scrutinized pretty heavily.
Good luck!
Edit: Sorry read your post really quickly.... Sounds like you are thinking about going back to work..... but if you do not even have that job yet, I think it will be very difficult to get a mortgage because you have not proven stable employment... and by the time you do, April will have already past. If I were a betting man, I'd probably say your chances are very slim unless you have other ways to show income as I mentioned earlier.
No, no one is stumped. It's just if you can not show any income for the last two years (i.e. disability, social security, pension, etc) then it would be diffucult/nearly impossible for you to purchase a home anytime soon. There are some lenders that will take a 12 month work history with additional years of experience in the same field but I have to be honest, there aren't many of them left.
Also if you can show income over the last two years your DTI (debt to income) ratio has to work as well.
...for a couple of years. If I get a job in my last profession of 3 years ago, will I be able to get a loan.
I would put a large down payment, 25% and hope to get a 100k property in San Diego.
Input please...
Before you can qualify you must receive at least one pay check. Also, if you are commissioned income or self employed forget about buying for 2 years. But if you get in the same profession and are paid W2, there is a very good chance you would qualify.
I would recommed you have your loan submitted with a letter of explanation regarding the last 3 years of no job.
The answer is "yes" you can apply for a mortgage after a long layoff from work. If greater than six months, then the borrower must be employed for six months before qualifying for a mortgage, and the work must be related to the previous employment
–Example: taking a few years off to raise children for a few years, but presently employed for the last 6 months.
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Ive never stumped the city data crowd before.
