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Want to get a first time homebuyer loan, but just started a new job

I am looking to purchase a condo for $320,000 in Costa Mesa, CA. I have a stable job history, but just started with a new company. Will this hurt my chances of getting approved? What kind of first time home buyer programs are available to me? by veronica77526 from Costa Mesa, California. Jul 2nd 2015 Reply


As long as there is no interruption in your employment it's okay that you have a new employer. The most popular loan program is an 3.5% down payment FHA or 3% down payment conventional. You can also call me at 562-881-9811. Thanks.

Jul 2nd 2015
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Brian Kimball (briankimball_summitfunding)
#784 ranked lender in California - 13 contributions

Hi Veronica!There are a lot of variables, so I couldn't give you a blanked answer without knowing a bit more, but in many cases, a change of employment would not cause a problem, we would just need to get 30 days of your new paystubs from you before you can close the loan.I work with the State of CA with a number of first-time buyer down payment assistance programs and tax credits. In addition to the 3.5% and 3% down payments already mentioned, if you are within the income limits and meet the credit requirements, I have programs that require $0 (yes, zero dollars) down payment and the state will even pay your closing costs. I am one of the top lenders in the county with these programs and can offer you options both of traditional loans and down payment assistance programs.I'm local in Irvine and would be happy to help you! Call me or e-mail me to discuss your options:714-619-5609bkimball@summitfunding.netTalk to you soon!Brian Kimball, NMLS 237105Sr. Loan OfficerSummit Funding, Inc. NMLS 3199

Jul 2nd 2015
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YOGESH SHAH (yogesh55)
#709 ranked lender in California - 7 contributions

hi, You are o.k.. you need two years job history.. changing job will not hurt you. you can get conventional or FHA with 3% to 3.50% down payment .. rate will be based on your credit. If you are interested call me at 714-936-5300 at no obligation. we are in Anaheim Hills, Easy Financial.

Jul 2nd 2015
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

Others have pretty much outlined your options. As long as you have a 2 year job history (or were a full time student during part of that time) you may be able to be approved without too much difficulty. As a first time buyer, if the condo development meets financing requirements you could get a conventional loan with as little as a 3% downpayment or FHA with as little as 3.5% (minimum for a FHA loan).

Jul 3rd 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

More info would be needed, but in general, so long as your in the same line of work and your getting paid the same way (hourly, salary, base plus commissions, etc.) you should be ok.. you will need 30 days pay stubs to move forward, so depending on when you started, you might have to wait a bit before applying. If your going from hourly or salary to base plus commissions or 100% commissions, you will need to wait 2 years before applying.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jul 6th 2015
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