short credit and work history, can I get a loan?

4 Replies

I'm 21, have about 1.5 years of spotty work history, a near 800 credit score, and $38k in cash and liquid assets. I want to buy my first property to Brrrr but I'm concerned that my limited work history and short credit history of only 1.5 years will be a turn off to lenders. I have been working a $10 per hour job for the last 2 months and this one is actually alright, there is a clear path I'm being pushed through to become a manager with a fantastic company in the state of FL. so I intend to build more work history here. are the pieces here for me to get a loan to buy a property? or will my limited work/credit history prevent it?

@Everitt Gill - Every lender seems to have different ideas about this, but talk to a few. If you're not there yet, get on a plan with one to get there -- It's not as hard as you think! Also, in my experience with this, I see lenders that will let you work for just a few months as long as it's full time, part time it needs to be around 2 years.

Also, your credit and cash seems good, so that's probably a good sign and will help a lender try to fight your case. Talk to a number and pick one you work well with and create a strong relationship with them and you will get far! (There was a bp podcast with an underwriter that would be good to listen to, I can't think of the number but google it!) Good luck!

Get a mortgage broker on your team. They are experienced and have the contacts you need that you will not find by going directly to mortgage companies yourself.

In the interim concentrate on your career path to increase your income.

Everitt, there are a lot of creative ways to get financing for your property.  I think a local mortgage broker might be a good start for you.  They will be familiar with your area and could help guide you into bigger deals later.  Good luck

@Everitt Gill , I'm a little concerned with the info you shared. How did you get a "near 800 credit score" through a 1.5 year credit history?

How did you save up $38k making $10/hour?

You say cash and liquid assets, what is this money in?

Can you clarify? I'm not trying to give you a hard time...