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Once i start working how long will i have to wait to qualify for a home loan?

I lost my previous employment because the company had to close, i worked there for 2 years and before that i had a steady employment history, how are my homebuying plans effected?

8 Answers

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  • 1 decade ago
    Favorite Answer

    Michelle is right.. and even then you may still have a hard time.

    I would say with the economy the way it is.. 2 year solid work history.. no less than 1 year worth of paystubs at the same job. aforementioned credit of 740...etc...

    but it may be worth asking someone that works @ a bank just to see.

  • Anonymous
    1 decade ago

    I saw your mail, so i decicided to let you know how i got my loan. I am Mrs. Joy White, six months ago my only son took ill, he was

    diagnosed of a heart disease, i was told by the insurance company, that

    my insurance won't cover my sons medical care.

    As a mother, i was devastated, owing to the fact that i just lost

    my husband a few years ago, so i started looking for money, because my

    job was not paying enough to cover my son's bill, i looked for help from

    family and friends but there was non coming, i went to the bank and

    was told that, they could not grant me a loan, because i had no

    collateral.

    Finally, just as i gave up hope on lenders on the Net because of

    scams, i met a lady chaitu from China who told me of Mr. Frank Smith, i

    tried him and he gave a loan for $90,000usd, today my baby boy is doing

    well, i am not telling you this for you to feel sorry for me, rather i

    am telling you so that you can help me thank him and if you are ever in

    need of a loan you can contact him via paydayloancompany@ymail.com Thanks for reading my testimony, and God bless all the good people.

    Best regards,

    Mrs. Joy

  • Anonymous
    1 decade ago

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  • Anonymous
    5 years ago

    In terms of what a lender would deem reasonable, you would not want to have more than 35% of you monthly income to go toward your housing payment. Housing payment included mortgage payment, homeowners insurance, property taxes and mortgage insurance (if applicable). If you were putting 20% down and your loan was 200K you would likely not have more than 20% of your income going toward housing payment so you'd be fine. A good rule of thumb is 3 times you annual gross income. That would get you to $270,000.

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  • Anonymous
    1 decade ago

    Hello every one,

    My name is Mrs Rose Smith I live here in USA and i am talking as the happiest person in the whole wild world today and i told my self that any lender that rescue my family from our poor situation, i will tell the name to the whole wild world and i am so happy to say that my family is back for good because i was in need a loan of $58,000 USD to start my life all over as i am a single mum with 2 kids and the whole world seemed like it was hanging on me until i met the GOD sent loan lender that changed my life and that of my family, a GOD fearing lender,Mr Steve Davidson Of Davidson loan financial Incorporated, he was the savior GOD sent to rescue my family and at first i thought it was not going to be possible until i received my loan of $58,000 US dollars and i will advise any one who is in genuine need of a loan to contact Mr Steve Davidson via stevedavidsonloan32@yahoo.com OR stevedavidsonloan@live.com

    because he is the most understanding and kind heated lender

    i am posting this message in yahoo answers every day in order to express my ever lasting gratitude to Mr Steve Davidson

  • 1 decade ago

    For sometime now there has been contemplations about loan company's here on yahoo answers about loans and how people are been swindled off the little they have in quest to get the loans they need..

    I am a victim of such violence impended by fake loans scammers on yahoo answers, i had reported several of them, but nothing still happened, i actually wanted to nail this one when i finally got a loan from them..

    They are Robert Hook Loan Investment, with all required procedures i had to follow, it was like taking a candy from a baby, they gave me this no credit check loan and was actually transferred into my bank account without a waste of my time..

    I was refferred here on yahoo answers though and everything went well with me, so it is yours to contact them for your loan too, this is no joke, i am from St.Louis and i have also refferred about three people one from bahamas and they all got their loans..

    Contact them via email on robert.hook.hook@gmail.com

    And i am Mrs Catherine Simmons

    you can also contact me to proof you more on cathysimms98@yahoo.com

  • 1 decade ago

    Gonna be tough these days, generally they require you be employed at least 1 year, 6 months of bank statements, credit score of at least 740. If you have a good emplyement history you may be able to get away with it.

    Source(s): CT Realtor
  • Anonymous
    1 decade ago

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