We have a new “Ask the Expert” interview today with Renee Hendricks, Home Loan Specialist.
Renee, I have several questions concerning going from homeless to homeowner.
1. Renee, if a person does not have a permanent address currently how long must they have a permanent address to qualify for a home loan?
We must provide a two-year residence history on the application. A shelter address is likely sufficient, as long as we can verify it.
2. Renee, if an applicant qualifies for a home loan with minimum credit score and debt to income ratios, etc., what is the minimum time of employment an applicant needs to qualify for a home loan?
Typically, but not always, a 12 month income history is required. If an applicant is a former student who just graduated from school, or if they are a former military person who has just been released from the military (we just have to document what they’ve been doing for the previous period of time), or if their income is new, we need a written verification of employment stating the income is likely to continue.
3. Renee, are there any programs that would help someone who has been a stay at home mom and his suddenly a divorcee with no support?
I would lead someone in that scenario to a down-payment assistance program and a low down-payment program, provided they have income now.
4. Do you have to be a citizen of the United States to qualify for a mortgage?
No, you do not have to be a citizen, but you must have a valid Social Security number and proper documentation such as a visa, green card and passport. If all documentation is acceptable the applicant could qualify with a new job, as long as the employer did not state on the Written Verification Of Employment that the income is temporary or not likely to continue.
5. Finally, Renee, is it a possibility to purchase a home if an applicant’s only income is from Government Assistance like Disability?
Yes, income from any source such as government agencies, non-profits, etc., (SS, food benefits, housing assistance) are all valid sources of income that can be used to qualify for a home. All income from sources other than employment must be likely to continue for the next 3 years, though.
Thank you Renee! You truly are an expert! Call Renee today for more information at: 704-297-9163