Can I get a decent first-time home buyer loan?

Don't let the myth/rumors of a "steady 2 year employment" scare you.. Sure, most lenders prefer that, but they also prefer millionaire clients.. *note the sarcasm*..

Anywho - steady employment is definitely a plus, but not a necessity.. In fact lenders don't really care if you've been employed 2 years or 2 days, what they care about is that you are employable.. In other words - you're work history is satisfactory, meaning you're keeping busy with very little gaps between jobs and that your field is promising. In other words if you're a farm worker (for example) and move to the city, you're basically considered unemployable, therefor will not likely get a loan. However if you're say a banker or pharmacist in a city, you're considered employable..

The down side of not having steady employment for a minimum of 2 years is your lender will likely require more down, in fact probably most if not all of your savings - regardless of how much that is, that's just how banks roll. They know you have it, they do not trust you, they want anything they can get... Whatever you do, do not put all of it down. I don't care if you 1k saved or 100k, don't put all your eggs in 1 basket.. Believe me when I say you will need cash on hand for unexpected expenses. Be it something the house needs repaired or your car poops the bed or you simply want to fix the place up or buy new furniture.. You will want *scratch that* NEED money on hand..

Good luck to ya!

The issue is not really the low income but your length of employment. Lenders like to see that you've been with the same company for a while (2 years) Anything new they would be concerned about you losing the job and not being able to make your mortgage payments so lot of times they refuse the application based on that.

if u got a 35K income - in most places

the most u can afford is 120K house.

what u got in your are for that.?

house payment is only part of it.

you forgot TAXES, insurances, HOA fees,

trash, water/sewage, extra electricity, gas ,

water. lawn care ,/ equipment.

car insurance costs also depending on where.

Worst thing is empty house syndrome

how much u got for closing costs , down payment.

not enough ? then u got monthly PMI which can with

some loans b for length of loan 30yrs.

contact local mortgage broker to learn u

b4 u get burned.

future incomes do not matter only past 3yrs.

wife may want a job to cover the extra expenses

for 1st 2yrs.

All lenders will require you to have at least 2 years of stable employment. Based on your current salary, the most you could afford is a $100k mortgage.