ON Canada. There are lenders who would consider after probationary period as long as you have more than 3 years working for the same industry and you are salaried. It depends as well on the overall strength of the deal = down payment, your income vs. the amount of your loan, credit score. Normally, the lenders look for 3 years in the same industry.

The monthly mortgage payment on a 400,000 loan for 30 years amortization period for 5 year fixed mortgage 3.7% rate is $1,834.76. It will cost you 260,000 in mortgage interest if will take that long for you to pay the mortgage. Remember that most of the interest paid in the first 5 years of your mortgage. In order to speed up the payent process you can do double payments or biweekly. If you take the same mortgage with biweekly payments your biweekly payment will be $ 846.11 which is $142 less per month.

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My husband and i would like to buy our first home. i had some credit problems over 7 years ago (1 negative thing left on my report that should come off in 2/2009) and my husband has little credit. our experian scores are 587 (mine) and 656(his). i have been working diligently!!!! on raising my score over the last 4 years and was able to get a car loan in 11/2007 which then lowered my score again. my husband has been working on building credit. we both have credit cards that we pay off either entirely or a good portion of every month. we can show that we have never been late on rent or utility payments and can prove that for at least 4 years. my question is, can we qualify for a decent sized mortgage? our income is $60,000-half of which comes from self employment. (does that matter?) we'd really like to buy a house by next summer. any suggestions? is it possible? why is my score still so low with only one negative left? it was 626 when i bought my car--now dropped to 587. is that because i have more debt now (ie the car)? paying my bills on time for over 6 years has not helped much. it's really frustrating. by next year with more of the car paid off will my score rise again?

It sounds like you would qualify for an FHA loan. 3% down payment & seller can pay up to 6% in closing costs & pre-paids. Your score is pretty low for not having any negatives in so long- however I would pull the other 2 credit bureaus to check them out also. Mortgage companies pull all 3 and usually use the middle of the 3 scores. FHA isn't score driven though- they look at your last 2 years credit & last 2 years income. Self employment is fine as long as you show it on your taxes and have been in the business for at least 2 years. Rates are low- fixed rate for up to 30 years. You can go to www.fha.com - there is a place where you can "find a lender" by keying in your zip code. It will give you FHA approved lenders in your area. Good luck!

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Hi, i am looking to buy a condo in california ( 80 - 90 k). my income is 40 k a year and i have a decent credit score ( 700s). i don't have any payments except for my car payment which is $188 a month and my credit card payments which i will pay off before i try to qualify for a loan. i am a first time home buyer. i 've been with my company for almost three years and i ve been at the present position for a year and a half. but i have a doubt whether i should try to qualify for a loan. the problem is that for the last year and a half i've been working as a part time employee. ( i still average 60 hours every two weeks). so my question is: will a mortgage lender let it pass, or i won't be able to qualify for a mortgage because my income is not considered to be stable? thanks a lot!

There is a difference in a temporary job and a part-time job. If your employer will verify that the part time job is likely to continue and if you can verify you've been there a year and a half (by your employer or tax returns) you have a chance. The usual length of employment the lenders like to see is 2 years for part time work. Go to a mortgage lender to be prequalified and see if you can get by with a year and half.

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My wife and i purchased a 20-year old home in 2005 just before the real estate bubble burst in florida. at the time, based on practically everyone's advice, it seemed like a sensible idea to take out a 2-year adjustable rate mortgage, invest a bit into increasing the property's sagging resale value and sell the home in a couple of years. everyone knows what happened then. the property is currently valued $60,000 less than what we owe. i haven't heard a single estimate that predicts the value of the property reaching pre-crash market value for at least a decade and with our state now losing more residents than its gaining even that estimate seems unlikely. it's an adequate home in a quiet and safe neighborhood but its definitely not what we had in mind as a long-term, permanent residence which is what it looks like it has become if we stay in it since we obviously are in no position to sell it. we're always a month behind on the payments now so our credit has been compromised. we can't re-fi. but the mortgage company (which has changed hands four times since our purchase but always the same overseas call center with inconsistant responses to our questions) informs us that we're not delinquent enough to warrant any assistance or programs. fortunately, at two years, the arm reset at a lower rate which has probably been the saving grace so far but it will reset again in less than 5 years, presumably to a higher rate. we are are a one-income family right now and my salary was cut 15% as a result of the recession. my wife was let go six months ago. her prospects are terribly limited and any offer she considers needs to account for the expense of day care to make it worthwhile. even with our monthly spending cut to bare necessity we dip into savings each month. at some point we will have no savings left to pull from. one medium-scale disaster and we're wiped out. we haven't had any significant extra money to save or put into 401k in over two years. so given the state of our home's value, its longterm outlook, the condition of our mortgage and our household income we feel trapped. our options are minimal at best. we'd hate to foreclose. and while we'd feel bad about doing it it seems like having the extra money a rental would provide us would come as an enormous relief. we could put it into savings, invest it, etc... we're thankful that we have each other and we try to keep an optimistic outlook but i seriously question the long-term payoff of sacrificing so much just to keep this property. should we bite the bullet and walk away despite everyone's insistence to avoid foreclosure at all costs? should we get more delinquent with the payments to qualify for assistance programs (whatever those might be)? or should we continue along as we are, making the payments as we can and hope that things just improve at some point despite any solid evidence to give us reason to be optimistic?

talk to a BK lawyer, not one of those credit consolidation scams. if you walk away from a huge commitment, you better be protected by BK laws. if you are always one month behind, your credit is already fugged up. talk to a lawyer not a bank.

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After a lifetime (30 years, anyway) of stellar credit, i was forced to file chapter 7 about one and a half years ago. my manufacturing business failed primarily due to cheaper offshore product being imported into the usa. the total debt liquidated was probably in the $60k range, the majority of it business related. i did reaffirm my first and second mortgages on my home, along with a line of credit at a local bank, and two vehicle loans, with all payments being made on time every month. my situation now is that i have sold my home and am scheduled to close in two weeks. this will clear all debts and leave me with around $60 in the bank. i am currently shopping for another house and am curious about what mortgages are available, and what type of interest rates should i expect, and if i can even qualify for a loan. my income is $70k per year.

i dont' think you can do anything for seven years. honestly, i wouldn't loan you any money.

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Kim and dan bergholt are both government workers. they are considering purchasing a home in the washington d.c. area for about $280,000. they estimate monthly expenses for utilities at $220, maintenance at $100, property taxes at $380, and home insurance payments at $50. their only debt consists of car loans requiring a monthly payment of $350. kim's gross income is $55,000/year and dan's is $38,000/year. they have saved about $60,000 in a money market fund on which they earned $5,840 last year. they plan to use most of this for a 20% down payment and closing costs. a lender is offering 30-year variable rate loans with an initial interest rate of 8% given a 20% down payment and closing costs equal to $1,000 plus 3 points. before making a purchase offer and applying for this loan, they would like to have some idea whether they might qualify.

Thank you for setting out the parameters so well here. There are a few things that I would need to know to know if a better option is available to them. Given what you've put here, the family you're talking about should be able to see a better loan (fixed rate for example ) and lower loan costs (fewer points to pay) from most lenders or brokers. A lot depends on their credit histories. Since they only have 1 item of debt, one concern would be if they have enough trade lines (sources of credit available to them right now) to qualify. Most lenders require 3. If they have open credit cards that carry no balance, that works great. If all things that aren't mentioned here are as well planned as the items you have listed, they should qualify quite easily and for better terms.

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My husband and i will be graduating from college soon and are saving to buy our first house (in a year or two) and i have a couple of questions... i talked to a woman i know who is a mortgage broker and she said that a lender she works with will usually require two years worth of w2's but that you only have to have been at your current job for 60 days.. so my question is..is this common? do most lenders require you to have a long job history making a decent amount of money or would my husband and i be able to qualify for a loan after only working at our jobs for 6months-1year. we will have a 20% down payment.

As college graduates, you could actually get a mortgage after you have 30 days worth of pay stubs and and permanent employment. Your time in college will count as employment history. Just provide your diplomas and transcripts and you will be fine. Of course, you still have to qualify for income, assets and credit score, but the employment won't be a factor. Edit: The answer I gave you is the correct answer, please ignore answers from people who are not even in the business and have no idea about mortgage guidelines.

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I will be entering grad school in august. i qualified for $60,000 in student loans (appr. 40k tuition and 20k living expenses). i was then given a full scholarship. can i still take out the loans? then take out a mortgage and use the loans to pay the down payment and the monthly payment. this way i wont have to take out loans to pay rent for three years. after three years, sell the house and use the $ to pay back the loan? i'll be taking out loans to pay for housing anyway. but instead of taking out loans to throw away into rent for three years, can i take out a little more (actually the same amount as i previosuly thought, but now that money is freed up from the scholarship) to buy a house? i could, of course, decrease the amount of loan i am requesting to borrow and just pay rent (in light of this scholarship). but do i have to?

Loans for students help the student to deal with all the expenses that are to be incurred during his education phase like it includes entire cost of the student’s education from tuition fees, accommodation, books, and computers to transportation and many more. http://loan--house.blogspot.com/2008/03/student-education-loan.html Many Banks, financial institutions, online lenders etc are ready to offer the loans for students. But students considering their precious time and finds easy to via online as it provides easy access than other source. There are a large number of requirements other than college or course fees. http://loan-house.we.bs/studentloan.html Some of the most crucial are computer expense, hostel charges, and books and so on. The best college student loans are one which comprises all such expenses. But, to qualify for any such one, you have to give it your best shot as far search is concerned. Such purpose can be accomplished by exploring World Wide Web. You will find an innumerable number of lenders offering college student loans.

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I thought that if i had a 30 year conventional mortgage loan with a 6% fixed interest rate, then my interest rate would stay at 6% for the 30 years? i think im wrong because i see stuff like a 60 day rate lock at the time of application. what does that mean? does it mean that you can have 60 days to choose the best interest rate for you to lock in for the 30 years? i thought if it was a fixed rate then it would stay at the same rate until the end of the loan. how is "float down" on a rate used? is that only for adjustable rates? does it mean that if a rate is lower than you can lock in on that? what does points mean? is that just meaning like a rate of 5.5 moved up one point to 5.6? heres a example i read where they talk about points "in terms of a 60 day or 90 day lock, usually the cost for a 90 day lock is relatively small. the small price paid for a lock-in will more than offset the cost of a higher interest rate or possibly not qualifying for the loan. for example, the typical charge is an additional 1/4 point for a 90 day rate lock. so if i locked in a 6% interest rate for 90 days at a fixed rate, then i would only get a 6 % rate for 3 months of mortgage payments, and then i have to lock in another rate for 90 days for 30 years? or can i just lock in a 6% interest rate for 30 years? sorry i still dont understand "points". i also dont understand you used a example of a " interest rate is 4.75 fixed but the apr 4.874 %" im confused and now im thinking i have to pay 4.75 interest per month plus 4.874 every year. i need to learn how to read the sheet you hyperlinked . im 22 and have $25,000 for a 100,000 home with a credit score of about 735 and trying to learn more about the mortgage terminology before i get a loan

6% is a terrible loan rate! Even for jumbo loans your rate should be no more that 5.125% (APR 5.125%) with no points and no fees! See assumptions below. Locking a rate means you pay a fee/premium to guarantee an interest rate for a fixed period (typically 30 to 90 days, depending upon the fee). If underwriting or final loan approval is completed within the lock period you are guaranteed that interest rate. If you get a free float down, that usually lets you lock in a lower rate when interest rates drop. You can only lower down once. The lock period is how long they honor the rate during underwriting. If underwriting takes longer, the lock expires and you get current market rates. Your LOAN RATE is fixed for 30 years and does not change. If you have good credit and are dealing with a reputable lender, you only need 30 days for lock. Each 1/8% increase in interest rates adds about $25 to your monthly payment on a $300k mortgage. However, when interest rates are on the rise, some shady lenders may find a way to take longer than your lock period so it expires and they don't have to honor your rate. For people with good credit and able to produce all the necessary paperwork quickly, underwriting/approval should take no more than 10 days. Lenders may tell you otherwise, but it is usually a lie. I refinanced last year with Cash Call Mortgage. You may remember those Gary Coleman ads. Yes, the same people who offer high-interest short-term loans to people with average to poor credit. Their mortgage business is VERY different. You can even see their rate sheet on-line. No other lender lets you do that. http://www.cashcallmortgage.com/RatesPDF.aspx Current 30-year rates: 4.750% 0 Points, 4.874 APR. Assumes $300k loan, single-family, owner-occupied, not a condo or investment property, escrow impounds, FICO 720+, LTV < 75% (25% down payment). See rate chart for add-ons. POINTS are like a fee you pay to "buy down" to a lower interest rate. For each 1 point you pay 1% of the loan amount. This is where you need to understand how the numbers work to see if it's worth paying points to get a better rate. As a general rule, the savings on your monthly mortgage payment should be low enough that your payback period for points is no more than 1 to 3 years. So if you pay 1 point on a $300k loan to get a rate that is 1/8 point lower, you are paying $3000 up front to save $25 per month. It would take you 10 years before your buy-down makes sense. Good luck to you!

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Hello - i would like to give you some of my financial information to see if you believe i would qualify for a loan before having to run my credit and have points deducted. i turn 20 years old in the fall. i own a landscaping business. i have been living with my parents to be cheap and save money for as long as i can hoping to buy a house and to build a good financial cushion :) i make a base salary of $2,653.00 each month, $31,836 a year. the business pays pretty much all of my expenses, cell phone, vehicle, fuel, insurance, 50% of health insurance, office telephone and internet - pretty much everything but food, hygiene, clothes, and entertainment. i feel very comfortable with roughly a $900-$1,100 a month payment, by irs regulations i am able to reimburse myself 15% of all expenses for a "home based business" (my office) for (mortgage payment, water, electricity, tv, etc) so i plan about $130-$150 from that. experian reported my credit as of 7/31/09 of 742 1 account now closed, no late payments etc 1 account open - $500 limit no balance (paid off each month) 1 account open - business equipment purchase roughly $15,000 remaining of $24,000 - no late payments etc. where my problem is, in 2007 i reported $19,000 in gross income from a previous employer - 3 years of reports 2008 $10,000 (first legal year in business, about 60% of my wages were under the table which hurts for my situation now) 2009 - i am also employed by sheetz for the winter, basically just a hobby to have something to do. i roughly pull in about $2,500 over the 3 winter months working part time there. another problem is i do not have a co-signer. i would like to look into purchasing within the next (3) months if it is possible, i just would prefer buying then renting. if you believe i might be eligible let me know and we can go ahead and do the actual prequalification - i just don't want to run my credit if i have a few possible reasons that can revoke my qualification.

You will qualify for a loan, and you won't need a co-signer with that credit. However, you will only qualify to borrow around 25k. that is a problem, other then finding property priced that low, not many banks are even willing to lend such a small amount. Your salary is whatever you told the IRS it is. If your adjusted income is only 10k that is all that they will look out. Telling them you are committing tax fraud is not going to help you.