Hello, I am 19 years old. I did one semester at college and came home and I am making about $3,500 Gross a month. I have been on the job for about 8 months. I would like to mortgage a home for under 100k. My credit is above a 650. Is this possible? Thank You so muchFirst Time home buyer by alexpo_899_249 from Swartz Creek, Michigan. Sep 14th 2011
It would be nearly impossible to buy a home based on your scenario, on your own with an 8 month job. FHA allows a college degree to be used towards the 2 year requirement, so long as you come out of college with a degree and you're working in the field you graduated in... other than that and maybe a few other long shot exceptions, you will most likely need a co signer. WilliamAcres.com
A lender may not always ask for a 2 year work history because you were a student prior to landing a job for last 8 months. In this case, a FHA underwriter may ask for a transcript or some other form of proof to clear this condition. Are you thinking of going back to college in near future or does current employer require futher education/credentials to take for advancement down the road? The alternative is what Jennifer T suggested, which was having a parent co-sign on a FHA mortgage. It's actually defined as "Non-Occupant Co Borrower" You would be the primary borrower and have parents and the non-occupant" borrower. The program qualifys your parent's income to meer loan parameters, etc.
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