Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 9 years ago

How long do you have to be employed as a 1rst time home buyer I graduated from college witha EMT degree in Nov?

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  • LAW89
    Lv 4
    9 years ago

    FHA loans are rigorous! I am I the process of purchasing a condo and it’s a long process, lots of paperwork! I graduated college last DEC but worked throughout college. I was approved for an FHA loan by myself. My boyfriend on the other hand… same thing as you. He graduated college in May and worked here and there but nothing solid and we can’t use his income on the loan because he hasn’t worked long enough. We tried typing out a full page length letter about why he was unemployed (college) but they still didn’t add him to the loan. He’s currently employed and has held a managerial position with a good salary at a solid company since the end of last year. And he still wasn’t approved. Fha usually requires 2 years of solid income/tax returns/pay stubs, etc.

  • 9 years ago

    If FHA, they will require 2 years solid employment.

    I'm not going to assume you can make a conventional loan with 20%+ down, since you have not even started working yet.

  • 9 years ago

    Most lenders want a 2 year employment history by at least one of borrowers

    PLAN for your future

    BUILD your credit rating, pay all bills in full and on time, pay off all credit cards, don't carry balances, pay regularly on student loans, don't create any more debt--no car payments

    SAVE for down payment--the MORE you put down, the More likely you are to get loan approval, and the more you put down, the LESS you pay over the life of the loan. . . .Putting down 20% avoids substantial extra costs of PMI and saves tens of thousands of dollars over life of loan

    Source(s): real estate investor
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