1st Time Home Buyers Loan Approval?

[Nik]

My wife and I are first time home buyers (or will be very soon) and we have some concerns with the loan approval process. If anyone can give us advice and/or support, we would greatly appreciate it. I am finishing a doctoral degree in Epidemiology and will be relocating to the Chicago area to start employment in early September. My wife has a Master's degree in Speech Pathology and has worked in a school system for two years. She will also begin employment with a new company in August when we relocate to Chicago in a month.

We have found the home of our dreams in the Chicago suburbs (Pulte Mortgage) and have submitted our loan application. I am terribly worried about loan rejection, which would ultimately prohibit us from obtaining this particular home. Our current monthly income is low since I am in doctoral student status, and we are living off of my wife's income. However, we both have contracts for our new positions in the Chicago area. Our combined gross monthly income will be $10,666 (annual = $128,000) and our new home purchase price is $340,000. We have already submitted $15,000 in earnest money and have $6000 saved for closing costs. My wife has perfect credit (although not a long history), with scores of 724, 734, and 749. My credit history is somewhat jaded, but I still have scores of 669, 683, and 684. We are worried that a lender will reject us based on credit scores and the fact that we are not yet on the job (although we do have contracts).

I hate to burden anyone with this, but we have no experience in this area and desperately want our home. Any comments or feedback is greatly appreciated.

[rmurray]

Might be interesting to know what kind of home you are looking at...is this a manufactured home...I did not know there were very many in the Chicago area...especially for $340,000.....

If this is a stick built or modular home..you are in luck..there are no income verification...low document loans for those with such high scores as your wife has...This should work fine....These loans probably are not available for manufactured homes...

You might want to check out...

http://www.mtgprofessor.com/ The Mortgage Professor...You are probably sick of professors by now...but one more for a good understanding of mortgages..type of mortgages..and terms will help you now..Good Luck

[guest]

your worrying for no reason, id love to be in your situation. I make 1800a month and so does my fiance and have no money whatsoever to put down we both have fulltime jobs paying decent money (at least to me) I think youll be fine