1 Year worth of W-2

Sounds like you should be fine. There are several other factors that need to be determined before we know for sure. We would need to know what other debts you have. Who is on the deed of the house you purchased with your grandma and who lives in the house currently. Please call me at 480-788-7607 and I will know right away whether I can help you or not.Peter TorneanuThe Loan Doctors

The fact you have another home in and of itself is not a barrier of any kind.

There are a couple of issues at play here. Who is living in the home you and your Grandmother purchased? Who is going to live in the new home? What were you doing before your current employment? What are your other obligations? Are you looking to do this transaction with your Grandmother or alone? The best thing to do is make contact with a local Mortgage Banker/Broker. I am located in Chandler and would be willing to walk you through your scenario and help you put this transaction together. You can contact me at 480-889-9000. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

There are so many variables that go into loan approval as mentioned by some of the other answers - but on the surface you should qualify for an FHA loan which most lenders allow credit to 620. Generally the guidelines states 2 years of work but there are exceptions for that as well, such as enrolled in school. The home you purchased with your grandmother shouldn't affect your situation since there is no mortgage but the other variable is debt to income - how much you pay in monthly payments on any debt such as credit cards, cars, student loans, etc. Time to call one of the Lender 411 brokers in your area. Good luck...

Hey Phoenix.. I can help you... We're here locally in Scottsdale, and your score is sufficient to go FHA 203K. I would need more info, but from the information you provided, there's a loan product for you, where you could purchase the home and finance some of the improvements. For more info contact me at.. WilliamAcres.com or 480-287-5714

Is the previous home purchased your primary residence and/or is this an investment property. Yes you have several options depending on who your bank/loan officer structures this loan. Good luck