Iv been for a job interview this morning, for an 11month maternity leave cover, with the chance but not promise of a permanent contract. Im hoping to buy my first house in the next year, and although i can afford it, would the temporary job stop me getting a mortgage? It would be a joint mortgage
You may not get as much money as you would like because with the crackdown on subprime lending, companies are getting more picky on who they lend to. Make sure your credit is above average- buy all three scores from a source such as myfico.com and see if there is anything you can spend time clearing up now. You ideally want to be over 720ish, but over 680 is a must to get the best deals from a reputable lender. Save for a larger down payment and make sure you still have "liquid" assests on top of your down payment (savings, money market, they even counted my 401k) that would cover several months of mortgage payments should the job end.
In reality, you may only qualify for what your co-signer could get without your income because it’s not a steady job and you’ll have been there less than a year. For example, I have a job where 70% of my pay is base and 30% is commission. Because I got my mortgage just a year after getting my job, they wouldn’t take into account my commission (there had to be two year proof that I would make the variable income at that level) and I was only able to get approved up to my base pay level. The mortgage lender wasn’t thrilled that I had been at my job only a year, but it was long enough to be off my probation period and I have a history of long employment periods with two previous employers with no gaps in career.
This isn’t to discourage you from trying, but just make the rest of your situation as good as it can be and be prepared to not get as much money as you would think!
Yes it will -when I first took out a mortgage I got the third degree and they contacted my employer too to confirm I was telling the truth! Thankfully I was!
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Part of the application is your job history and how long you have been at a steady employment.
The lending company wants to know that you have a steady income..Temporary or part time time will not get it.
This day in age it takes two incomes to qualify for a loan,unless you are wealthy.
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I got my first mortgage when I was a temp…. on £5.25 / hour. That was about 7 years ago.
My girlfriend at the time had a permanent job. However, she wouldn’t have been able to buy the house without me and visa versa.
All I had to produce was 6 months worth of wage slips instead of the usual 3 months – to show the temp job was actually quite permanent.
That was then this is now. I’m not sure at the moment if they would lend to you at the moment. All the lenders seem to have tightened up their lending criteria so…….. I’m unsure…. talk to some lenders and find out!!!
Good luck!!!!
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You may not get as much money as you would like because with the crackdown on subprime lending, companies are getting more picky on who they lend to. Make sure your credit is above average- buy all three scores from a source such as myfico.com and see if there is anything you can spend time clearing up now. You ideally want to be over 720ish, but over 680 is a must to get the best deals from a reputable lender. Save for a larger down payment and make sure you still have "liquid" assests on top of your down payment (savings, money market, they even counted my 401k) that would cover several months of mortgage payments should the job end.
In reality, you may only qualify for what your co-signer could get without your income because it’s not a steady job and you’ll have been there less than a year. For example, I have a job where 70% of my pay is base and 30% is commission. Because I got my mortgage just a year after getting my job, they wouldn’t take into account my commission (there had to be two year proof that I would make the variable income at that level) and I was only able to get approved up to my base pay level. The mortgage lender wasn’t thrilled that I had been at my job only a year, but it was long enough to be off my probation period and I have a history of long employment periods with two previous employers with no gaps in career.
This isn’t to discourage you from trying, but just make the rest of your situation as good as it can be and be prepared to not get as much money as you would think!
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Yes it will, you will probably need someone to act as a guarantor for you.
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you’re going to need more than a temp job – after you’ve become a permanent employee for a year or so, then you can think about buying a house
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