Buying A House

[jen24riv]

How Many Years Do You Need To Be At A Job In Order To Buy A House Im 25 And Im Renting I Would Rather Be Using That Money On A House Morgage

[yavanna]

Hmm, I'm not quite sure. I don't think you have to be there very many, maybe two or three. My sister just bought a house and she's only been at her job for 2 years. I think it also depends on how much you make and your likely job security.

[narleymarley03]

Go to your bank and you can talk to a loan officer there. They can tell you how much money you would qualify for and give you an idea of interest rates and payments. Just because you have gotten this info from the bank you don't have to use them for your loan when you are ready to buy.

[Rowan MoonDragon]

I think its usually around 2 years but they also go by the industry. if you work in an industry that happens to have alot of turnover, as long as you stay in the same industry its good too. it really depends on the bank. they all have their own standards.

[Gwenhwyfar]

Its 1 year here...but money talks, if you have a nice deposit and a good credit rating the time youve been at your job doesnt matter so much....even with a shitty credit rating theres always bridge financing.

[Eventide]

what is bridge financing?

[Gwenhwyfar]

Its financing companies that will finance people with bad credit, they charge high interest so its a last resort kinda thing. The only good part about it is that after paying the bridge financers on time every month, for a year, some other financing company will take over the loan or mortgage for you so you only have to pay the crappy high interest for a year, if your smart.

[dark witch]

How Many Years Do You Need To Be At A Job In Order To Buy A House Im 25 And Im Renting I Would Rather Be Using That Money On A House Morgage

As a mortgage banker, I will tell you that it does vary from lender to lender. Generally, two to three years in a line of work is preferrable. However, if you are just starting out after school, have some credit built up, and depending on your down payment, there is some flexibility. There are also certain programs for first time homebuyers.

Go see a mortgage lender, and let them pre-qualify you. If you don't qualify right now, they can let you know what you would need to qualify you. There should be no fees for this, except perhaps a credit report fee, which should be $30 or less. If you do qualify, then the lender can give you a letter stating that, and that will give you a nice bit of clout when negotiating with a seller.

Dark Witch