MortgageGuy
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How long was she at her previous job? Was it the same line of work? What is the reason for leaving? Is it more pay? ..Or is she right out of college?
These are some main questions that need to be answered in order to give you accurate advice..
But, i will say that you do have many options... Her credit score will work, depending on how many, and the type of tradelines (credit accounts) that she currently has...
Also, i assume this wil be your first home? My company has many specialized loan programs for first time home buyers...
Do you have a house in mind yet? Or you just trying to see if it is possible to qualify?
I would behappy to assist you in your home purchase, i just need much more inofrmation...
I can tell you though that if she meets alot of the guidelines, you can actually qualfiy for a pretty good rate with her score, as long as there are other supporting fators...
Feel free to call me anytime to discuss your options from a lending standpoint.. My name is Jason Fry, i am a licensed mortgage consultant, and have been originating mortgage loans for over 8 years...
I owrk for Providential Bancorp, and we serve most of the US... If you would like to know more about what you qualify for, call me direct at 312-264-6448, or email me at jasonf@providential.com...
I look forward to hearing from you!
Jason Fry
Licensed Mortgage Consultant
Providential Bancorp
312-264-6448
866-264-SAVE |
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UOPHXstudent
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It is possible, you would just have to check with the bank. If this is your first home there are first home discounts that include $0 down and those do not matter in most cases the years on a job. |
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cats4ever2k1
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doubt it....only 5 months? Her score is faily good but on a home loan their out to make money. Unlikely. |
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jake_deyo
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With so little time on that job she would need to show a good amount of monthly income as well as a long time in the same field. It is possible. |
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Karupt322
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I would say yes depending on that is not her first Job... she needs atleast 2 years on a Job and atleast some tradelines for altealst 2 years... I would wait till her score is above 680 and base it off Stated Income so she can get better rates. goodluck |
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coldfirene
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0 down on a car loan is nothing compared to a home loan. Credit scores of 700+ are what lenders want to see. But if this is a first time home owner loan, there are programs that can help you get into a home. Talk to a lender and see. |
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Whetherman
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No. Your best option is to go "no doc" which will likely require 5% down. Call a broker and ask for a 100% "No Doc" loan |
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MrsMike
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Get a copy of your credit report and see if there is anything you can "clean up". If there are any mistakes or things you can dispute. Loan companies really want to see a 700 or more. She does have to have a job for 2 years, or at least the same type work for 2 years. Your credit score is tied to hers too. Whats yours? |
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hen d
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Yes...she can |
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Arthur M
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Probably not, unless she has some other assets or makes a good income in comparison to the house she wants to buy. It's a lot easier to get a car loan for 0% down than a house.
Do you realize that a home loan with $0 down will have an interest rate that is about 0.5% higher than if you put 5% down. 0.5% interest on a 30 yr loan is a lot of money. |
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misslabeled
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Only under certain programs, but why would you want to do that? Anything less than 20% down will require PMI (private mortgage insurance) which increases your payments and is not tax deductible. Also, zero down will give you a much higher interest rate and/or discount points. It's just not a good deal.
P.S. the truck loan was probably a dealer promotion. Dealers are trying depserately to unload trucks and SUVs because no one is buying them due to gas prices. The value will crash by probably 50% in the first year or so. Another really bad deal. |
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dutch_luvs69
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I would not authorize that loan for 3 reasons . She has bills , first time buyer , and not enough time on the job . Unless she is older and switched companies in the same field . The interest rate would be high cause that is not a top credit score either . We like to see 775-800 for a zero down loan and only to long time customers of the bank whom we have a relationship with also . |
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The Prince
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I don't think so. Remember, there is a (HUGE) difference in getting a loan for a truck and getting a loan for a house. |
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dahublaz
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Probably not...its not likely that with a score like that the mortgage lenders will do a $0 down loan...you never know though. |
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David D
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I found some good info here. |
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Ren
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Yes she can. As long as she can also prove she makes enough money to cover her debt and the mortgage. In California you would apply for an 80/20 stated income loan. These are bad loans for the reason that they are adjustable, meaning your payment will go up and up and up. You will have a new home though (but for how long?). |
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hereiam_now00
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Why would you want a 0 down home loan?
They are very risky, especially in the current interest rate environment. |
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lauree_anne
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not likely |
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Sierra
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probably not |
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