How long should I work for a mortgage?

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I lived with my parents during their studies and have not had a job in three years because I lived off student loans worth $ 20k. I foresee a teaching job in four months and $ 41K. My friend and I want to buy a house very, very soon. How long do I have to work before the mortgage company that I can qualify for a loan?
Teaching a class rental überHypothekenKrediteBetrugGirokontenSteuernKreditkartenretirment information rather than buying (and why on earth people lease) investment in shares of many easy three weeks in each subject.

11 Comments
  1. Reply
    OziGirl_222
    April 29, 2011 at 9:46 pm

    Basically a minimum of 18 months at a work place to show your job is stable and I would suggest putting a good dent in the student loan and pay off if possible in that time because they also look at loan repayment history as a criteria and that was one thing I struggled with when I got my loan.. had not had a previous loan with a good repayment history so they saw it as a “risky” investment, just makes life easier, trust me.

  2. Reply
    Lillian
    April 29, 2011 at 10:13 pm

    Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.

    http://www.worldbestloans.com/Mortgage%20Loan.htm

    A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.

  3. Reply
    Hertha
    April 29, 2011 at 10:37 pm

    1 year

  4. Reply
    Laura KC
    April 29, 2011 at 11:31 pm

    The other answers may be right, I just don’t know. Having a college degree and being employed in your field shows stability off the bat so I have to believe that there are local banks that would be willing to work with you sooner rather than later. Stop into a few local banks and just talk to them to see what they say. Plus you can ask them what their rates are so that when the time comes you’ll have an idea who has the best rates (but always check online for a better rate!). Good luck!

  5. Reply
    †Ask Me Anything†
    April 30, 2011 at 12:07 am

    2 years of steady employment

  6. Reply
    Ann A
    April 30, 2011 at 12:15 am

    If you can proof that your current job is in the same field as what you went to school for, you might be able to count the time spent in college as time on the job. Not many loan officers know this and they might tell you that it’s impossible, so ask around for someone with more experience and knows underwriting guidelines.
    I’ve seen a deal where a lawyer got this law degree and within a month was working at a law firm, then brought a house the following month using his time in college as time on the job.
    Good luck.

  7. Reply
    Jamie M
    April 30, 2011 at 12:47 am

    Yes! I totally agree! I got myself in trouble when I went to university. They had pamphlets on campus that allowed you to fill out one application, and a list of credit cards, where you put check marks beside the cards you wanted to apply for. I got 4 credit cards that year and had them all maxed before one year was up. Not a smart thing to do, but it was definitely a learning experience. A hard one.

  8. Reply
    teresathegreat
    April 30, 2011 at 12:59 am

    Mortgages might not be very helpful to teens, since it will be many years before most of them will be ready for one. It would be better to spend that time on other subjects, like how to budget.

    I think most schools SHOULD teach a practical class like this, or at least offer it as an elective.

  9. Reply
    bluefaith25
    April 30, 2011 at 1:12 am

    I certainly think that it would be beneficial to have classes to assist kids/students in the areas of finances. Most high school children have no idea about finances and most of them get their first real experiences dealing when they go to college, when that first credit card is offered to them while they walk around on campus. If you look at the yahoo answer questions in the credit section and financial aid section you will see that many kids are trying to figure out how to do their taxes and how they should handle their financial aid. So, yes I think that it would definitely help high school students. A lot of the things that I learned above came from me learning on my own. So, yes it’s a great idea.

  10. Reply
    Renowned
    April 30, 2011 at 2:10 am

    Yes but you left off the most important one BUDGET and how to create one.

  11. Reply
    spamissatanic
    April 30, 2011 at 2:14 am

    I would suggest a curriculum of LIFE SKILLS

    To not only teach about the potential pit-falls of scams

    but also the rights and obligations of Citizenship
    Citizenship is NOT a spectator sport!

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