I have worked almost 2 years with my previous job and quit due to moving but now want to stay. I'm working with a staffing company about 2 months now but laid off because of corona. I want to buy a house instead of renting. I'm currently living with my parents and want to have my own place.I'm not sure what I can do but I would like to buy in like 3-6 months!. Created by Leah Whisnant. business-finance-en - renting-real-estate-en

Can I buy a house about $70,000 with $10,000 in the bank, I have a credit score of 745, but no 2 year job history? ?

Once you get another job you shouldn't have a problem... We look at 2 year history, but working through a temp service won't qualify you, however, it will show you were working the full 2 years. Once you have a permanent job we just verify that you have worked 2 years, doesn't have to be the same job.

Mortgage lender 34 years.

Eva

You need proof of income to be able to get a mortgage. You need income to make the payments. A staffing company job that you've been laid off from isn't going to qualify.

jbkl

If this is an inner city home you may qualify through certain local or county funding that may allow you to sneak through. 745 is a heck of a good credit score!

Raymond L.

i dont think the $10,000 is going to be enough honestly, good job on the 745 credit score. And to get a NO income verifation loan the bare minimum for that I believe is 20% plus u have closing costs, anywhere from 3,000 to 7,000$

Slumlord

Well, you will need a job to buy a place. Normally being 2 months laid off would mean you'd need to be working steadily for a year or more to be considered, but because of the unique situation right now, being out of work 2 months is far more understandable so maybe working as little as 3-6 months would be ok. ANyhow, you will need to start a job and have some job history, I'm just not sure how much. My advice is to get a job and start working it, and then go to a mortgage broker or smaller bank and just ask if you can get a loan and if not, how much job history you would need, to qualify.

curtisports2

Gaps in employment can be explained to a mortgage underwriter, but you will need to be steadily employed when you apply. Without knowing your employment income (which is presently zero) and what debt you have, NOBODY can determine a monthly mortgage payment you could expect to be approved for.

Christin K

It's going to depend on a lot of other factors, not just your amount of down payment and credit score. Both are fine--but we have no idea where you live, or what kind of house you're looking at or how many other debts you may have. All you can do is try. Go to your bank and see if they will pre-qualify you for a mortgage, then go house shopping. If they won't pre-qualify you, then you will have to wait to gain some more job history--if that is much of a factor.

And don't let people tell you you can't buy a house for $70K. I only paid $18.5K for my house and put another $30K into it for new plumbing, wiring and furnace--and it's now worth over $95K. Good houses don't always cost you more than you can afford or more than you want to pay. There are plenty of bargains out there for smart shoppers.