Okay its been awhile since I bought a home with tradition financing as I been involved in some longterm projects and using HML. I have since severed many ties with my brokers I used. Now I am not looking for conventional loan but a friend is and I am looking for the new guidelines…
How long on current job? In same field? Is it still 2 yrs.
Cash reserves?
Down payment needed and FICO?
Full doc, what are the requirements?? Is stated back yet???
He is looking for a condo probably. His basics are on job 1yr and does not have continuence employment, he took off about 4 months due to personal issues from work in late 2007 to 2008. Makes around 42K a yr and does not have much money in back. His FICO is high 600’s last check. No lates but a few medical biills which is keeping score down.
Just looking for info on what how much he cna borrow… His monthly bills are about $250 a month and he current pays about 700 a month in rent as he has a roommate.