N/A Mortgage Question N/A

[AWACSEng]

I have a home mortgage question for all of you financialy savvy types. How hard is it to get a home loan these days with a new job on the books. A little background. As some of you may know, I am currently serving on Active Duty in the USAF. When my enlistment is up in 1.5 yrs, I am considering switching to the USAF Reserves. With that move would include trying to find a place to live. My wife has been with her company for several years and would likely transfer to the new city. The question I have is would lenders look down on us because I have a new job with no income history at said job? Thanks in advance for the input.

 

[Cap'n Jack]

Not enough info.

What assets do you have? How much will you be putting down?

18 months ago I closed 2 weeks after making an offer- I was on the job 6 months (I call that new). My wife was working but hadn't transferred yet.

 

[wsuffa]

If you have a reasonable amount to put down (the higher the better, as the old zero-down loans are essentially gone), and you are within the payment ratios, then having a new job will have little impact on qualification. People move for new jobs all the time. What will be important is 1) that you have a job, 2) that you had stable employment before, and 3) that your credit record is clean and scores are high.

A little more difficult to find, but a good deal where you can do it, is seller-financed mortgage. That is, find a seller that owns the home free and clear and ask them to hold the mortgage instead of going through the bank. Pay a competitive rate, but it often avoids some of the bank delays and hassles.

 

[dmccormack]

I have a home mortgage question for all of you financialy savvy types. How hard is it to get a home loan these days with a new job on the books. A little background. As some of you may know, I am currently serving on Active Duty in the USAF. When my enlistment is up in 1.5 yrs, I am considering switching to the USAF Reserves. With that move would include trying to find a place to live. My wife has been with her company for several years and would likely transfer to the new city. The question I have is would lenders look down on us because I have a new job with no income history at said job? Thanks in advance for the input.

Once you are an honorably discharged veteran you have access to the VA Loan program, which requires very little down payment.

There are some fees you pay to the VA that can be more than what you would pay for a conventional bank loan, but the bank will expect a larger down payment.

I've used the VA loan program twice and it was painless.

 

[ScottM]

Once you are an honorably discharged veteran you have access to the VA Loan program, which requires very little down payment.

There are some fees you pay to the VA that can be more than what you would pay for a conventional bank loan, but the bank will expect a larger down payment.

I've used the VA loan program twice and it was painless.

ditto. My first mortgage was using VA. The only extra hoops to jump through were really easy and caused zero delay in my home purchase.

 

[Dave Siciliano]

That's what I would suggest, get familiar with the VA loan program. There are limits on the loan amount, but unless you're going into a very expensive neighborhood, they should be fine. Keep in mind that once you use them, they stay in place if the next purchasers uses them and they aren't a Vet. Point being, if you buy and move in a short period of time, you can have trouble applying full credit to the next purchase. Shouldn't be a big deal, but something to be aware of.

Some states also have veteran loan programs. Might be worth checking once you know where you'll settle.

Best,

Dave

 

[ScottM]

Keep in mind that once you use them, they stay in place if the next purchasers uses them and they aren't a Vet.

What do you mean by that Dave?

The VA Loan guaranty is for the mortgage not the home, if a person sells and they buyer is not assuming the mortgage, then nothing loan related should pass to encumber the new owner.

Also while I started with a VA loan i refinanced on a traditional loan and am no longer bound or rather protected by the VA loan program.

 

[Dave Siciliano]

What do you mean by that Dave?

The VA Loan guaranty is for the mortgage not the home, if a person sells and they buyer is not assuming the mortgage, then nothing loan related should pass to encumber the new owner.

Also while I started with a VA loan i refinanced on a traditional loan and am no longer bound or rather protected by the VA loan program.

Sorry I wasn't clear. I sold a home and the purchaser assumed the mortgage which tied up my eligibility on future loans. Market was pretty bad at the time and we didn't have many options. Yes, if the mortgage is paid off, no problemo.

Best,

Dave

 

[ScottM]

Sorry I wasn't clear. I sold a home and the purchaser assumed the mortgage which tied up my eligibility on future loans. Market was pretty bad at the time and we didn't have many options. Yes, if the mortgage is paid off, no problemo.

Best,

Dave

Ok that makes sense, I understand what you meant now.

 

[AWACSEng]

Thanks for the response, guys. I', familiare with VA loans. I currently own a house in OK with a VA loan. As far as down payment, it would be whatever profit I can make off the sale of that property. The new location has a relatively low cost of living. Thanks again for the replies. I was just wondering how underwriters would look at the loan with my income being only guarenteed at approx. $11k/year plus whatever other job I get, Plus the 'ol lady's income. I know that all depends on the loan amount and down payment. Just wondering if it would be possible, or if they'd laugh as they put the application through the shredder.