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Mortgage Advice, new MBA grad

post #1 of 7
2/12/13 at 4:29pm
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..
Edited by CunningSmeagol - 2/14/13 at 8:28am
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post #2 of 7
2/13/13 at 8:13am
You don't expect to be employed for another 6 months, but you think it would be reasonable for the bank to take into consideration income from the job you expect to have in six months? Mayn. A lot can happen in 6 months.
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post #3 of 7
2/13/13 at 4:28pm
I used Wells Fargo and in the current climate they were pains in the ass. We were buying a house that was less than 1.5 times out salary and they still were crazy. Good luck but this isn't 2005.

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post #4 of 7
2/13/13 at 4:42pm
Agree with the above, the banks are not as stupid as you think (anymore!). There is a lot that can happen and you usually need a decent work history at your current job before they will consider you for a loan.
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post #5 of 7
2/13/13 at 9:04pm
Thread Starter 
But how much risk are they actually bearing with me putting in 25% equity? Yes a lot can happen in 6 mos but it would take a real crash to chew through that.

I'm just asking if anyone has seen any other options, for example I accept more onerous terms then refinance once I'm employed. Or have it written in the contract that they get a higher liquidation preference until I refinance. Is contracting for these things so standardized (so they can be sold to the GSEs perhaps??) that they can't accommodate a relatively benign risk on what is otherwise a solid loan?

For what it's worth I'm willing to accept a "no" and continue renting.
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post #6 of 7
2/16/13 at 3:01am

Quick question: Why purchase a home where you don´t have a job? That limit your options as to where you can work a lot. Also, most people only work for their first employer for a couple of years. I really cant see any good reason to buy a house at all. It is not a smart move, in any way, most likely. 

 

And isn´t this something you should be able to figure out, as you have a masters degree in business? 

 

And, just to answer the asked question: No. 

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post #7 of 7
2/17/13 at 4:34am
Quote:
Originally Posted by OJKD View Post

Quick question: Why purchase a home where you don´t have a job? That limit your options as to where you can work a lot. Also, most people only work for their first employer for a couple of years. I really cant see any good reason to buy a house at all. It is not a smart move, in any way, most likely. 

 

And isn´t this something you should be able to figure out, as you have a masters degree in business? 

 

And, just to answer the asked question: No. 

 


And you stole my thoughts, since I was wondering exactly the same thing. The purchase of house that limits the job area is one of the most valid and crucial points during the selection of job and house, even not in that order. music store


Edited by ashleypaxtonn - 3/2/13 at 6:13am
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