I'm just curious about mortgages with respect to my current situation.
First of all, is it an unwritten rule that you need to have been with your employer for at least two years to be considered for a mortgage? Or is it that you just need to have been employed consistently for the last two years?
Previously unemployed, I accepted a short-term, contract position in February of 2006. The project ended in January of 2007 and I was unemployed (aside from some very low paying freelance work and a six week temp job) until September of 2007.
In September of 2007, I accepted a marketing position with a nonprofit. I was with them for 15 months and then made a lateral move into the private sector because I felt that my position wasn't secure (nonprofit in this recession!). I have been with my new employer for six weeks now and this is also a marketing position.
Over the last few months, I also interviewed with other companies, in addition to my new employer. I received a call today from a company I had interviewed with in November and December. I don't have a formal offer yet, but I have reason to believe that they will extend one in the next few weeks. I currently make $50k/year in my brand new position. The position I received a call about today could potentially and realistically pay circa $100k/year.
That would be difficult to turn down. However, that will be three different jobs in just two years...and part of that time, I was unemployed.
How will this affect my ability to buy a home?
Now, for the difficult part. I have two masters degrees and about $68k in student loan debt. I also have about $11k in credit card debt (total available credit about $90k). I do have assets...mostly bank stocks that have taken a beating over the last couple of years. These assets were to have covered a down payment on a home, but now I can't touch them. I have just lost too much and need to wait for the market to turn around. My assets are currently valued at about $25k. Also, I own my car and have good credit: EQ 763, EX 763, TU 790.
I am completely new to all of this and have never purchased a home. Is it even possible to do so, given my circumstances?
Also, any advice on how to move forward or what to expect would be greatly appreciated.
BTW, I have a brother who has $120k in student loans. He now earns about $65k/year, but did a stated income loan 2.5 years ago when he purchased his home. He had about $5k in credit card debt and his credit scores weren't as high as mine (high 600s and low 700s). The house he bought was only $289, but they were practically throwing more money at him. I know that this was a different time and situation, but I would like to think that I could get something similar. However, it doesn't seem so.
Again, many thanks in advance to all who respond!
