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Mortgage Question

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tes52966 Joined: 28 Mar 2011 Posts: 1 1.38 Dollars($)	Posted: Mon Mar 28, 2011 5:53 pm    Post subject: Mortgage Question Like 0 Dislike 0 I am looking to purchase a home for around 125K with 8500 down. I am currently making around 3600 net each month. My two issues are: 1. Previously I was self employed in the same field that I am currently saleried, but during 09 and 10 I took self employment deductions to lower my income tax. Will this stop me from getting a loan even though I am saleried now? 2. Is it possible to use my wifes income on a loan application with my credit score since her credit score is poor? 3. I own a rental home in another state will this be a problem? The home has been rented for 2 years to the same person, but in 09 I had to put a roof on it and make other repairs so I took a loss.
smithsussane Joined: 18 Sep 2008 Posts: 10423 Location: Alaska 983.47 Dollars($)	Posted: Mon Mar 28, 2011 10:28 pm    Post subject: Like 0 Dislike 0 Hi tes! Welcome to forums! When you apply for a loan, the lender will check your income for the last 2 years. In such a situation, you might face difficulty in getting a mortgage. If your wife is co-signing for the loan, then you will be able to use your wife's income on the loan application and your credit score to qualify for the mortgage. The rental home won't be a problem for you. Feel free to ask if you've further queries. Sussane
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Tue Mar 29, 2011 2:42 am    Post subject: Like 0 Dislike 0 Hi Tes, Welcome to Mortgage fit, Lenders look foreward to have an 'income history' and not an employment history to be specific... So there won't be any problem to get qualified for the mortgage if you show them 2 yrs of bank statement which describes your income history... You can add your wife as a co-applicant on the loan... Feel free to ask any further query if you have.... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris

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