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can my fiance an i get a mortgage with 1 year work history on a new home construction

by n.dellapenta from Depew, New York. Oct 11th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

There's just way too much info missing to properly answer your question... are you a first time home buyer? How's your credit? Where you in college prior to your 1 year work history? Are you looking to buy in a new home subdivision or are you looking to build a custom home? What kind of a down payment do you have? In general, probably not.. if you're going to a new home builder in a new home subdivision, then probably, but if you're trying to apply for a construction loan to build your own home, then probably not.. Since constriction loans are much more risky than the purchase of a home already constructed, you must have very good work history, income, and low ratios to qualify.. plus you need reserves, and more than likely you will need a substantial down payment... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Oct 11th 2012
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Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

Depends on what you were doing prior to the 1 year of work history (laid off, in school, etc).

Oct 12th 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

I am a direct lender in NY. The answer to your question will depend on some additional information(i.e, what you did prior to the 1 year work history, credit score, and other info) You can call or email me and I will be happy to provide you with a no cost, no obligation analysis of your situation. Pbotros@OmegaLoans.Net or call me at 908 933 0253(office) 347 231 4444(cell). Hope to hear from you soon!

Oct 12th 2012
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

I will see if I can help you. Why do you have a 1 year work history, laid off, just graduated, etc? Feel free to email or call me. 201-962-3555 Team@BestMortgageOption.com

Oct 11th 2012
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Equitus Mortgage (EquitusMortgage)
#65 ranked lender in Washington - 39 contributions

Yes you can finance a new home construction with one year work history provided you have a high FICO and no derogatory in the past 24 months.

Oct 11th 2012
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I was on unemployment for 90 weeks before i started my new businees. Before i went on unemployment i worked for my father in the same field for 12 years. My fiance works in sales for a wine an spirits dustributor. She was on unemployment for 6 months prior to her job now. Before she went on unemployment she was working in sales. We are looking to build a house in a subdivision with builder. My credit score is around 690 but should go up being that i had recently paid 2 negative articles on my report an my fiances is around 640 she also paid off the negative accounts on her report. We have around 5% to put down on the $280k home we are trying to buy. We both own homes now which i will be selling mine an have to rent hers for a year due to the fha tax credit of $8000. Both have never been late on a mortgage payment

Oct 12th 2012
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Joel Lobb (kentuckyloan)
#3 ranked lender in Kentucky - 192 contributions

I would need more info to answer your question. Are you self-employed? Why were you off work the last two years?

Oct 12th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

Unfortunately have to agree with the detailed answers from others. You probably will need to wait at least one more year so that you have 2 years history with the new business reported on your tax returns. Your fiance's base income can be counted but that is not likely to allow you to qualify for the new mortgage payment plus payment on her home - even after yours is sold. Hunker down and wait the year, keep saving money and both of you watch your credit.

Oct 12th 2012
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