So D talked to another mortgage lender today and he basically said that people who have commission based jobs are "screwed" as far as getting loans unless they've been in the job for awhile. If we were to qualify we'd have an unfixed rate starting at around 6.5%. Which means of course they could change our rate on us randomly.
BUT, the lender said that he would really plead our case since we have such great credit scores and something about our payment history (?) and that we've never made a late or had a missed payment which is excellent.
So, even if we don't qualify for the loan we want, we'll still go ahead and take it BECAUSE until November 29, 2009 all first time homebuyers get an $8,000 check from the government. I know, CASH! So I figure we can always refinance in a couple of years for a fixed rate and it will still save us money.
Anyway, good FYI for all you first time home buyers out there. Oh, and by the way, a first time home buyer is defined as one who has not owned a home in 3 years so it may quailify more of you than you think!
Thursday, April 2, 2009
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Cash is good!
ReplyDeleteThats awesome! Buying a home is stressful, but you seem like you are hanging in there, we are excited for you to find a good home!
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