I'm 25 years old, and live at home with my mother. I graduated from college in May of 2008, and got a job at an engineering firm, working in IT, in September of 2008. I was subsequently laid off six months later in March of 2009. Its now February of 2010, and only now have I found a job, that I start in April or May, in the IT field.
With only six solid months of employment history, followed by a year of unemployment, then new employment for only a couple of months, will I qualify for a mortgage this summer?
I'm located in New York, and I have $50,000 available for a down payment. I want to purchase a two family home to help alleviate the costs. I have never bought a home, so I'm a first time buyer. Does this at all help my situation?
If I have to wait, I will, I didn't want to wait too long to take advantage of the Buyers' Market. But if I am going to be turned down, or will only qualify for one with a high interest rate, it doesn't make sense.
If you need further info to help answer, please do not hesitate to ask. Thank you for your help!
With only six solid months of employment history, followed by a year of unemployment, then new employment for only a couple of months, will I qualify for a mortgage this summer?
I'm located in New York, and I have $50,000 available for a down payment. I want to purchase a two family home to help alleviate the costs. I have never bought a home, so I'm a first time buyer. Does this at all help my situation?
If I have to wait, I will, I didn't want to wait too long to take advantage of the Buyers' Market. But if I am going to be turned down, or will only qualify for one with a high interest rate, it doesn't make sense.
If you need further info to help answer, please do not hesitate to ask. Thank you for your help!