Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
Re: First Time Homebuyer in this Crazy Housing Market

NewbieReed wrote:

@JM-AM

thanks for ur response! I really appreciate it. Your Welcome

 

Do u think that my 6 months on my job will be an issue, since I hear that lenders are looking for 2 yrs on the job? As long as its the same field you are okay.

 

Lets clarify this just a little.

 

If you graduated school and went to work in the same field of study you are fine.

If you have been working in the same field and change jobs into the same field you are fine, as long as not to long of a gap between jobs.

If you have been out of work for an extended period of time (lets say for unemployment) and went back to work finally in the same field, it may be UW discretion or Lender requirement. I have seen this be approved but was lots of going back and forth. I also have seen this situation denied many times.

 

Is it true that lenders raise the interest rate when u work with a Broker? Im just reading all over the internet different versions of horror or success stories with ppl working with brokers. I am just really unsure. You cant believe everything you read online. Brokers have Wholesale Rates, so technically they can beat any rate your bank offers, majority of the time. Doesnt mean you will get that rate, but it is possible if you qualify. Perfect example of your rate is if you go to a Broker ask him what the PAR rate is for the type of loan you are seeking. While you dont understand the PAR rate, the Broker sure will and may (no guarantee) actually give you a better rate then his original choice, if he or she feels you have some knowledge. Just for your satisfaction, the PAR rate is the break even rate.

 

I definitely think that an ARM is not for us ebcause of the unpredictability of it all. Thank u !!!


 

Good Luck
May all your dreams and wishes become a reality!