Thursday, September 17, 2015

Do you think I will be able to qualify for a mortgage?


Here is my issue. I want to purchase a condo. I plan to put 20 percent down. I currently make about $55,000 per year. I have lived with my parents up until now so I have had low expenses. I have already paid off one car loan and am paying off another one now. I have a good credit score. I have a lot of money saved, so even after I make a down payment and after closing costs and buying furniture and moving costs, I should still have about $25K in the bank, so I won't be living paycheck to paycheck. Here is the only problem. I have only been at my current job for about a year. I was out of work for about 7 months before that. I was at my previous employer only about a year and 4 months and the company wasn't doing well so I was laid off. I was at my employer before that about 4 years. My boss at my current employer, where I have been for about a year, said he would be willing to write a letter to the bank on my behalf attesting that I am gainfully employed and well thought of at the company and he anticipates me being employed here for the forseeable future. Do you think I will be able to get a mortgage with my situation?

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