Less than 2 years of work history , please help

[r1lukasz]

I have fico score 782 downpayment about 5% but only 1.5 years on job , my 2011 w2 was 44000 loking to try get preaproved for a 150k home , is it possible this year or I have to wait till I have 2 years of work history

[webhopper]

If you were in school before working; that may be considered a mitigating factor... you should talk to a lender before ruling yourself out of the mortgage market

[r1lukasz]

no I was not in school

[webhopper]

Were you previously working in same line of business or were you unemployed?

[r1lukasz]

I did work (selfemploy) but that was cash on side and I just never file 2010

[StartingOver10]

If you are going for a mortgage, you will need to file taxes for 2010 unless you fit the IRS standards showing you don't need to file. Otherwise you will be turned down without having filed your taxes.

[r1lukasz]

So I just file my tax for 2010 gross income 30k, my 2011 was 43k I have no debt no payments all cc are paid off with ficco score transunion 774 and equifax 771  how much I can get for preaproval?

[Anonymous]

Your best bet is to talk to a loan officer.  The loan officer will guide you and answer all of your questions!

[StartingOver10]

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@r1lukasz wrote:

So I just file my tax for 2010 gross income 30k, my 2011 was 43k I have no debt no payments all cc are paid off with ficco score transunion 774 and equifax 771  how much I can get for preaproval?

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You might consider waiting until 2013 to buy. The only reason I mention that is for strategy: 1) you will be able to show 2 yrs income and 2) if you file your 2012 taxes right away in 2013 (Jan) you will only have to show two years tax returns (2011 and 2012) and not the late filing for 2010.

Also, your average income will be higher because you are probably making the same amount (or more) for 2012 than you did for 2010.

It will avoid some issues and really 6 months is not long to wait.

OTOH, if you really want to buy now, go to a mortgage banker and see if they will underwrite you with the 18 months of employment history. It will be rough for you with only 18 months so make sure to bring that up to them right away before they pull your credit and before you give them a full application.

[r1lukasz]

great news I am preaproved in chase bank 150k 3.375 apr FHA thats the only bank I try so far