can i get a loan?
I dropped out of college(fire science) to take a job as a firefighter. I have been there for a year and 4 months. I currently have 2 lines of credit with a year + (one is a cell phone bill the other is a credit card) and my 3rd line will be a year in October. My annual salary is $40,000 and I can make up to another $15,000 with overtime...I'm single if that matters as well...been told by one bank i cant qualify because of the only 2 lines (bankofamerica) and the other one said i couldn't because i didnt have the 2 years work history.....what are my options from here? by somebody509_128_717 from Olney, Maryland. Aug 12th 2011
Joel Lobb (kentuckyloan)
#3 ranked lender in Kentucky - 192 contributions
What is your credit score.Typically you need a 640 minimum score for FHA loan. They will take your base income without overtime to qualify you for income purposes on the application
James Barath (JamesBarath)
#9 ranked lender in Indiana - 352 contributions
Based on your present scenario, you might be able to find a bank to get you into an FHA insured home loan. Instead of rolling the dice you would be better positioned to buy a home if you waited until January 1st. At that time your 3rd credit line would have sufficient enough reporting time and you will also be able to complete your tax returns. This way you could provide 2 years of tax returns along with a current pay stub. Lenders would be more receptive to approving your home even with less than 24 months work history. If you do need your overtime pay to qualify, then you absolutely need to wait until your 2 year anniversary. God bless firefighters and have a great day.
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