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Mortgage Loan Nightmares

by Emily W.
(Healdsburg, CA)



I am a 29 year old California native and am interested in buying a home.

Here's my situation; The only job I have had in the last five years is working as part of a compassionate care co-op, I make good money but since Marijuana has not been fully legalized for medicinal purposes in California, growers are a W-2 non-entity and a gray area in the job market. I live where I work averaging about 60 hours a week and I love it, but I am willing to work two REAL jobs if I just had a place to live.

I have NO credit, and am unable to work until I find a place to live.

I know that if I find the right situation it will make more sense to buy a home than to rent, as rent prices are high while interest rates are low.

I know my father would be willing to co-borrow or cosign on a mortgage loan for me, but how to sell myself to mortgage lenders with cash, NO credit, unverified employment history, and no place to live once i leave the co-op?

=====ANSWERS=====

Emily,

I wish I could offer some suggestions other than what you have already suggested here.

You have to have 2 years of W-2 income to qualify for a mortgage. Also you have to have a credit score of at least 620 for an FHA loan.

Your father cannot co-sign on a mortgage unless he is going to live in the property.

You have to be able to show at least 2 years of paying rent on time as well.

So yes, you would have to get that place to live, work a W-2 job and establish credit for the next 2 years before you buy a house.

I wish you the best.

Regards,

Jeff





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