a41xblj
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The key question for the lender is are you reliable to pay the loan back. So you'll need to demonstrate at least one of the following:
-A secure job that will pay you enough to make your payments (they won't care about history -- just your current job, how much it pays and how long you've been there)
-Amount of money in savings / stocks, etc
-A high credit rating to prove you're reliable |
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Bad Kitty!
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They look at your employment history. They look at your pay stubs. They look at your bank statements. They look at your credit history. They look at everything you can imagine and then some. Prepare to be under a microscope. |
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Amanda H
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They will llook at income, thats how they figure out how much they will lend. They also look at 2 monthsworth o bank statements.
If your score is high (over 700) you can pay a slightly increased interest rate and do a 'no income verification" loan aka "stated income" loan...but you'll pay as much as a full percent (1%) higher in interest. |
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bianca
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in regular conforming loans the lender will look your working history for the last 2 years. if you work part time and you know that you can easily pay your mortgage payment , you can apply for mortgage with no income verification. the lender will call your work place and only ask to verify if you still working there and when you were hired and they will not ask how much money you make. you will pay deepens of your credit score about 1% higher interest rate or more if your credit is less then perfect. |
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mel
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they will look at it all. Flybynight places, not so much. |
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getit
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no problem if your credit rating is good.
ask for a stated income loan
get an independent mortgage broker in your area, not a specific bank or lender. |
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Marianne
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try a no income mortgage from a big name lender. You don't have to verify your income, of course there will be other recourse, you will have to pay a higher interest rate and maybe approved for less good luck |
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Dispirited
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Well I am 20 years old I just got a loan $0 down 80/20 Arm rates are SKY HIGH but Hey I can refi in 2 years and my credit score will be great by then. I got approved based on my credit. I make pennies a month but I take care of my credit score. I lied on the app stating I make 10 times then I really do. They didn't even check anything and approved me on 700 credit score. Yea rates are 7.5 on 80 percent loan and 11.5 on 20 percent but after 2 years if I continue taking care of my credit score it will definitely be around 800 then someone will definitely refi me w/ low rate. Plus I got myself a nice duplex. Although I do lose some money monthly but hey it's an asset atleast I got something goin for me =) |
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Price is what you pay for value.
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The housing market continue to slow. They will work with you to get you a loan, probably larger than what you need anyway. The only differences is rates. With full doc and good credit, you can get lower rates.
Wait one more month, you probably can save 5% on the asking price (excluding Texas and Seattle area, I heard those area are still doing well). |
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westgaliberty
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The forms they send out are called V.O.E.'s Verification of Employment. Same goes for deposits and past residences if you paid rent. (VOR) You aren't going to get around it so you'll have to go through it. Explanation letters play a big part. I hope you are in your same line of work. THAT makes a difference |
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dcw13
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There are loans that doesnt require your last year's tax form.
You only have to state your income.
The interest rate will be a little higher, like 0.25% more.
Loan is not your worry, i would be worry about your job.
If you dont get full time work for a long time, then you will be in trouble.
Good luck |
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narbo73
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Now a days even banks can offer you a NINR ( No Income No Ratio ) loan. Not to be confused with a stated loan.
What that means is it strictly based on credit score. They dont ask for employment info or even the amount you make, as long as your score is strong. Just keep in mind that the major requirement is that the new mortgage payment cannot be more than 3 times your current rent. So just pump up the rent you state on your application (they dont verify that either).
You dont have to pay the rediculous points that a private mortgage broker has. Banks can help in this case. |
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john g
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This company has lots of different stated income programs.
http://www.custommortgageassociates.com |
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Richard M. Johnston, Realtor
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I recommend you speak with a mortgage broker. Contact your real estate agent who will refer one to you. There are many loan programs. |
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Searchlight Crusade
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That depends on whether you want to get the best rate possible. The more you can show that you're a good credit risk, the better the rate you'll get. No ratio loans, based on credit score, are high. Stated Income, where you verify occupation although not how much you make, are not so high. Full Documentation, where you prove you make enough to justify the loan by underwriting guidelines, as good as it gets. |
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pat c
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Generally speaking, if your credit score is 650 or higher, you can get stated income financing which you don't have to show your pay stubs. 2 Years in the same work field is preferable. You will have to pay a slightly higher interest rate. |
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t
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So, when you say that you're not making enough now to get a loan, it makes me a little nervous that you're thinking of one of the crazy loans lenders are trying to talk everyone into these days.
Don't get yourself into trouble by being enticed by one of these interest-only, ARM loans... if that's how you need to purchase your house, you can NOT afford it. Chances are, after a certain number of years, there will be a big lump sum payment that you will not have factored in, and will get into trouble. Also, don't be enticed by these loans that are only fixed for 5 years... think about it, if you get a 30 yr. fixed at 6.75% today, you'll be paying that 6.75% for the 30 years no matter what interest rates do. If you go for one of these fixed-for-5-years, you'll be paying 6.75% for 5 years but then what... 7%? 8%? 10%? More? You get my drift... then you might not be able to afford your home and will either have to sell, or if you can't, you might end up in forclosure... you'd lose everything you put into the house and ruin your credit.
Just be careful about it all and be smart! :) |
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communityrates
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Buying a house is about what you can afford and your credit score. If you make enough from your current job or other sources, and are comfortable with the payment each month, there are loan programs available that can get around your employment situation. You should talk to a professional about your options. If you live in California, goto my website and give me a call for a FREE consultation. |
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ntavisola
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Employment history of 2 years minimum must be disclosed, whether you're applying for a loan with full documentation, stated income or no ratio. If you don't mind having a higher interest rate, you can always opt to go No Doc where no information is provided except your residence info, personal info (SSN, DL, Citizenship), liabilities and credit history.
But check your reality - should you get qualified for a No Doc loan, can your cash reserves actually sustain you (mortgage, tax, insurance, hoa fees, debts, etc.) for a safe number of months/years - or for that matter, the life of the loan until you choose to sell the property?
No Doc is usually given to borrowers who have very good credit history and with real income that can sustain all credit and financial obligations. No Doc is usually requested by borrowers who have multiple assets, investment portfolios and income sources that they do not want to declare; but can obviously show that they are capable to sustain and repay the debt.
If you can assure yourself that you have enough reserves to be able to sustain yourself up to 6 months or more and that you will be able to obtain a more steady income to recover your reserves; and that you will have at least 50%-55% left in your income after all debts (mortgage, tax, insurance, hoa, installments, credit) are paid off - and not mind a higher rate, then move forward with your plan to buy a house.
Bottomline is: I'd like to see you having a contingency plan once you purchase your house. I'd like to see you actually sustaining your expenses, overcoming, recovering, in addition to keeping your home for a long, long period of time. |
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