Is there any chance I'm still financeable?

Anonymous · ‎12-02-2011

I signed on a house back in July, a short sale and it is finally getting approved. Unfortunately I was laid off in the meantime. My income last year was only around $18,000 with $6000 of it being from unemployment. My employer has trouble with workload, so there's been layoffs and call backs to the same employer. Finally got frustrated when it happened again in August because I lost out on a house deal last year because of a layoff. So, I started a new job through a temp agency, but it is a temp to hire position, they do intend to hire me. I've been there a month now and I'm making more than I was making before and a lot more hours. They've also never had a layoff so my troubles with that should be over and it's the same trade, welding. I have $1600 on one credit card, no other debt, no late payments and my credit score is about 740. At least, last time I checked. I can't think of anything that would have changed that.

My bank account still has about $2900 in it and is going up rapidly with the crazy overtime at this place.

The house is only $46,500.

I was preapproved before I signed on the house, but the place I was preapproved with has misplaced my whole file. This is in the state of Florida, house is in a USDA area.

YHWHUDAH · ‎12-02-2011

Credit is fine, but your job situation may not work. Most banks require two years of employment. For example, my mother husband was just denied a loan because he was only at job for 18 months. They told him to reapply in 6 months. His income was 34000 and his credit score was over 600. The house was only 50000, so they could afford it. Nevertheless, dumbazz went out and bought a car without my mom permission. So, now 6 months later he let it go back and it screwed up his credit. Now my mom still have to rent. Sorry about rant, but I'm still piss, she really wants a house. You should try to pay off your credit card, before you apply. Howver, I would suggest you what to 2 years of employment.

Capital One Cash World MasterCard 7500, PenFed World Visa 6500, USAA Military Affiliate Visa 2000, Capital One Platinum 2500, Affas Military Star Card 8700, Affas Take It Home Today 4900, Orchard Bank Platinum 1500, Orchard Bank Silver 1300, Lowes 5000 and Chase 500.

Closed on USAA Mortgage Dec 23, USAA Auto Loan 42000 Mercedes Dec 30

Credit Scores: EQ 656 TU 669 EX 679 All Lender Pulls Oct 2011

Anonymous · ‎12-03-2011

I was unemployed for five months earlier this year and I had only been at that job for 18 months. I was a pre-approved with no problem once my probationary period was over (3 months). Its the same industry and more money. The only thing required was a letter of explanation for the 5 month period of unemployment. I am supposed to close this month and so far no problems. I imagine they will want the job to be permanent. Good luck!

PixieQueen80 · ‎12-03-2011

To ensure the best possibility of approval I would try to have saved the number of months I was unemployed last year of mortgage in the bank to strengthen the application in case they question you on how you would be able to pay your mortgage if you became laid off/unemployed again.

Starting Scores (7/26/2010): EQ 517; TU 508; EX 527 (lender)
Scores Along the Way (11/4/2010): EQ 542; TU 547; (11/8/2010) EX Plus 641
Scores Along the Way: (4/15/2011): EQ 516; TU 622; EX 585 (lender)
Scores Along the Way: (8/25/2011): EQ 617; TU 627; EX 625 (lender)
Scores Along the Way: (11/28/2011): EQ 617; TU 645; EX 667 (lender)
Current Scores: (8/9/2013): EQ 634; TU 662; EX 694 (lender)
Closed on a Home: 12/30/2011 Goal Scores (8/25/2014): 700 club

Booner72 · ‎12-03-2011

Hello - sorry you lost the house.

I'd just like to throw something out there - BC credit is so important to you right now, I'd bite the bullet and buy a 3way credit monitoring program to make sure you know what is going on. The risk of ID theft is always there, you never know. It's worth the money, IMO, especially for you right now. The scores are worthless but the info is good.

I was using EliminteIDTheft bc it was 18 a month for both DH and myself to be able to pull our reports every day. There are probably cheaper ones out there if it's just you. Check out the CMS Guide that's a "stickie".

Good Luck getting hired full time/permanent. I think until then you are going to have to tough it out. Save $ as if you already had the mortgage -get that CC paid off.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720

Anonymous · ‎12-05-2011

Talk about frustrating.. Ironically I was financeable when I was working for a company on it's last legs getting ready to close up anyday, that job was considered permanent. My job through the temp agency is for a company who has never had a layoff and they have me working 7 days a week. They have the temp agency handle their 90 day probationary period.

Oh well, looks like I'm probably going to lose out on yet another sweet deal that I've waited for over 6 months despite having a much better employment situation.Guess I'm looking at another one year rental lease at double the price of the mortgage including escrow. Oh well, thanks for the help.

IOBA · ‎12-06-2011

Maybe not. Has THAT lender said you are denied?

Have you tried another lender? If you minimize the layoff/unemployed time, it may not be such a big deal. If your current employer will write a letter saying they are you hiring you full time, with xx salary, plus OT (OT won't be counted as income for the purpose of qualifying for the loan, but it's still nice), with a strong employment for the future. (Meaning, you aren't likely to be laid off anytime soon.)

And there is a chance that the banks selling the house will give you a bit longer to close. Ask them, after you talk to the lender. In real life, things get delayed all the time.

Let us know what happens, please.