I have a few questions regarding home loans and such. If anyone knows the answer, please let me know. I want to move out of apartment life, and start working on some good ol' land! 1. I understand that most lenders require a 2 year employment history. Is that with the same employer or the same industry? Could I get a loan, say 3 months, after accepting a newer, higher paying job? 2. Is it possible to purchase land at a 30 year rate, and put a home on it a year or 2 after the purchase? Are there any guidelines as to if I would have to live on the property to conform to the loan? 3. If I purchased a rural piece of land, could I put a temporary home on it (probably a single wide manufactured home) for a year or 2, then put a newer manufactured home on it? 4. For FHA loans, what is the required down payment needed?
Hi Dustin, I'm going to answer with what I know. 1. Lenders are looking for steady employment. If you held your previous job (in the same field) for five to ten years and changed employers or was transferred to a new job I think they would let it slip by. If you change occupations constantly (every year or so) or have gaps in your employment history they will send it to a FHA underwriter for approval (be prepared to explain why and have the documentation to support it). 2. I believe they will finance land for thirty years as long as you have plans on building at a later date, but I am not 100% sure. 3. You can put up a house and tear it down years and rebuild another home, but your land must be resurveyed, reappraised, and must be perked accordingly. It is possible, but extremely expensive. 4. FHA is now offering 100% for first time home buyers, but there is a prepayment penalty if you sell the house before eight years. I went with the 3% down payment and am financing half of my closing costs. Hope this helps. Dani
