1) I have excellent credit (805),
2) I have approx. 100K in savings, but
3) I've been doing temp work for the last year and a half, during which time I've been living w/ my parents. Prior to that I was most recently making ~55K/yr. and had been paying rent of over 1500/month in Manhattan. I'll be receiving an offer of a permanent position at the employer I've been with for the last 6 months, and have been trying to come up with a salary range adequate to cover a mortgage in my area, but then realized - will my recent temp history be a big problem? How long of a permanent work history is recommended to get a good rate?
After 13 yrs of paying rent, I refuse to do so anymore, and wonder if I should be looking at mobile homes instead of property I thought might be in my range (200K-250K)!
Many thanks for any help.Mortgage Possibilities for Somone with a New Job but Significant Down Payment?
Not a problem. With a super high credit score, and such a large down payment, you will easily qualify for a good loan. Lenders often ask to see two years of work history in the same field even if it isn't at the same place. They are also easy to make exceptions for people that easily meet all other requirements, and work history is the easiest exception to get. All you need to do is get a good mortgage broker (like me) to show you your options. You will probably be approved for 300k-450k depending on the lender they find for you.
PS. Do not buy a mobile home. You had may as well be renting if you do. There will little to no appreciation, and the lot fees will actually cost you thousands in payments you could have been making on a Condo or Home.Mortgage Possibilities for Somone with a New Job but Significant Down Payment?
No Mobile homes.. They depreciate, so skip that step.
I you can use FHA financing your recent employment isn't going to hurt you.
Even if you go conventional I think the high score is going to get you what you want. Just get preapproved before shopping.
Use a mortgage broker or lender than your real estate agent recommends. This always benefits you in the long run.
Best of luck, Aren't you the smart one? Yes you are.
I think lenders like it if you have been on the job for at least a year. But when you are putting down a large down payment I don't think you will have any trouble getting a mortgage. You could start with the lender your real estate agent recommends and go from there. Your credit rating is called ';gold'; in the lending business so you will do all right.
No.don't go for mobile home.
You can easily qualify for a good home loan.
learn more on loans and how to select the loans suitable for you.
Hope it helps
http://money-review-site.com/loans.html
I see your future and it looks very bright...first, congrats on the possible new job..wish you much success! Second...lenders do typically like to see two years history in the same field, or line of work. This can be ofset with schooling, while one is pursuing a professional degree. Job gaps will always need to be explained, but since you have 1.5 years as a temp and moving into a salaried posistion..key word Salaried, you will probably be ok. In fact with assets of 100k you may even recieve a limited income document approval. There are other programs that will allow a borrower 100% financing with limited mi and require only last years w-2 and current paystub. Because you will be salaried, a voe (verification of employment may only be needed). There will be a few programs available to you, so I wouldn't stress to much. Wahatever you decide...DON';T BUY MANU HOME!!!! Also, chech with a dedicated broker that has your best interst in mind..key word (Your)..they are still out there, and have him/her show you 100% options vs. down payment options. I'm a huge believer in OPM (other peoples money) and keeping my monet liquid for many reasons. 100K in savings is a nice chunk to keep liquid. Good luck and happy hunting.
FYI: a 250k mortgage at 6.125 % 100% = 1519.03 with limited mi @20% 122.92 and assuming hazards and taxes of 310= PITI of 1951.95, or 400+ more than rent, but it's yours and, there are tax benefits to consider. Shoudl consult a CPA, Financial Planner, Mortgage Planner or combination.
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