Can I get a FHA loan with only six months experience working full time?
I’m 24 years old working full-time job for 32k a year. This is my first job right out of college, and it looks like it has some potential long-term. I’m there for six months. Is it sufficient for an FHA loan approval, if I can prove that I am financially responsible?
I think it says you need two years work experience. I worked part time in a supermarket about five years, all in the school. My last two years of income are quite low … 13K ~ 10K for 2009 and 2008. I went to school full time and I read that the FHA, it looks like. However, I have said does not matter if it is in a related field. I received a BA in Radio-Television Production and now I work in a technical University as Assistant Professor in the department. I do not know how I’m in education, but whatever …
I can also show you that I have about 15k in shares and in my bank. 32K per year is pretty decent, I would be able to manage a 800-dollar payment this month. My credit score is 730 and I have no car payment, no credit card debt, and no rent, because I lived with my parents. I think any reasonable lender to me to be financially responsible. I spent last year to save for the moment … Buying a house.
I am concerned only about the work requirement. Whenever I raw numbers from someone on the phone they always tell me that my work would be the only thing holding me back. But I mean, come on! 5 years for a supermarket and a half years at the university. Of course I can manage a job.
I hope to get a loan of around 105-110k. I would probably get the minimum 3.5% down and bust my butt for the next few years to up to 20%, if I can get rid of mortgage insurance (that is, how does it work well?
You graduate and you’re a substitute teacher. An insurer DE agrees that an FHA loan. approved Be prepared to send a copy of your diploma from the school and six months working full-time, liquid assets (15k shares), and 730 credit score, you are.
By the way, not for an FHA loan in monthly mortgage premiums not go away by paying up to 20% by an acceleration of the payment. You must come to 78% LTV natural attenuation. You are more than 10 years is looking for. It is anyway not so much. Then on your next home.
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