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l9ut
Guest
0.10 Dollars($)
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 Posted: Mon Jun 11, 2007 2:35 pm Post subject: how we figure in the picture |
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we have decided my wife, 2 kids and I will be moving back home to Virginia. When we get there we would like to get into a home as quickly as possible. I should be able to transfer with the company I am currently with, If not I have a job offer from the company I was last with before I moved up to ca in 2003. However my wife is looking for a Job in the same field. We wont move until she has a job set up so being employed shouldn't be a problem. my questions come down to the following. 1. Our income is a combined 85K (her 45k, mine 60k), However her credit isn't near as good as mine. my mid score is 660 and hers is 540. How will this affect the approval process?2. How will our moving and new jobs affect the process? Does being in the same field of work help?3. Down payment is going to be an issue. I have about 4k in savings right now, may have another 1k between now and then. Can we qualify for 100%?4. Is 200k for a house too much to qualify for? we have little debt. No credit card debt, and only a car payment of 327 a month.
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 miller_st
Joined: 17 Jan 2007
Posts: 917
168.82 Dollars($)
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| Posted: Mon Jun 11, 2007 3:07 pm Post subject: |
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As your credit score & income is better than hers I would say you take out the loan in your own name. The other thing is that lenders mostly like to see a person working in the same profession for some years.
With income and monthly debt payments you have mentioned qualifying for a 200k should not be a problem. If you can make 3% down then fha can be one to look into. There are many 100% financing also available which you can look at.
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colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.61 Dollars($)
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| Posted: Mon Jun 11, 2007 5:12 pm Post subject: |
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Hi,
| Quote: | | How will our moving and new jobs affect the process? |
Lenders look at job profile for the last 2 years and whether it is in the same industry. As your jobs will remain in the same industry there should not be any problem.
| Quote: | | Does being in the same field of work help? |
Certainly that is one of the important factors which are taken into consideration.
| Quote: | | Can we qualify for 100%? |
There are many 100% financing options available for which you can qualify for from some of the reputed banks. If you need the details then let me know.
| Quote: | | my mid score is 660 and hers is 540. How will this affect the approval process? |
If you look into fha loans then score will not be the major factor. With less amount to put in for the down payment fha loan can be suitable for you. |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1480
Location: MASSACHUSETTS
126.42 Dollars($)
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| Posted: Mon Jun 11, 2007 11:54 pm Post subject: RE: loan related issues |
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Hi l9ut,
Welcome to the forum.
It's good that you have little debt in the sense that you can manage the mortgage better. Your combined income seems to be good enough. As for your credit, it's a bit low though I guess you won't have much problems getting into a deal.
The approval process will get affected if you are not able to provide the loan related documents in time. Getting a new job will not affect as such because you will still be earning and as far as your financial affordability is unchanged, the lender shall have no problem with it.
Being in the same field of work doesn't have any affect on the loan approval. And, if you think down payment is an issue, well instead of using your savings, you can as well apply for some down payment assistance from any non-profit organization like the AmeriDream.
Hope this helps...
God bless you.
Samantha
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