I’m a 24 year-old working a full-time job for 32k a year. It’s my first job right out of college and it looks like it has some long term potential. I’ve only been there 6 months. Is this enough to get approved for an FHA loan if I can prove I am financial responsible?
I think it says you need 2 years of work experience. I worked part-time at a supermarket for almost 5 years all through college. My last two years of income are pretty weak… 13k for 2009 and ~10k for 2008. I was going to school full time and I’ve read that FHA looks at that. However, I was told it only counts if it’s in a related field. I got a BA in Radio-Television Production and now I’m working at a Technical University as a Teacher’s Assistant in the Business Department. I don’t know how I found myself in education but whatever…
Also I can show that I have about 15k in stocks and in my bank. 32k a year is pretty decent I should be able to handle an 800 dollar a month payment. My credit score is also 730 and I have no car payment, no credit card debt, and no rent because I’ve been living with my parents. I would think that any reasonable lender would see me as financially responsible. I’ve spent the last year saving for this moment… to buy a home.
I’m just worried about the work requirement. Every time I’ve got rough numbers from someone on the phone they always tell me that my work would be the only thing holding me back. But I mean come on! 5 years at a supermarket and half a year at a university. I obviously can handle a job.
I hope to get a loan of around 105-110k. I would probably put the minimum 3.5% down then bust my butt over the next few years to get up to 20% so I can get rid of mortgage insurance (that’s how it works right?)
