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Posted: Tue Mar 15, 2011 2:24 am Post subject: mortgage denied or accepted?

Hello,

Here is our situation:

- married couple
- excellent credit scores

my wife:
- salaried for past 5 years

me:
- salaried until early 2010
- most of 2010 without income (personal project/choice, no layoff)
- 2011: contractor full-time for 9 months then possibility to be salaried full-time.

We are planning to put down 30% and the loan amount is 2 times our current annual gross income. We have savings to pay the mortgage payments for at least a year if we both loose our jobs.

Do you see any red flags with our situation and plan? Will it be possible for us to get a very good rate e.g. 4.75% on 30 years.

Thanks for your advice.

tfaulhaber1 · Posted: Tue Mar 15, 2011 3:16 pm Post subject:

Depending on the lender, your income could be an issue. Most would require that you atleast have one full year with your current employer. Being that you're on contract, there is no guarantee for future work Can you get qualified only using your wife's income?

jameshogg · Posted: Tue Mar 15, 2011 7:24 pm Post subject:

Hi Guest,

I agree with what Ted has to say. As your wife still has stable job, she will be able to qualify for a mortgage. But as you don't have a steady income now, it will be difficult for you to get a loan.

Thanks

lindahingis · Joined: 08 Dec 2010 Posts: 6 1.68 Dollars($)

hey if your are living in california state then i can refer to Slice My Mortgage Company. it helps only in California State only, so you can try there.

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