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 cap321
Joined: 21 Dec 2008
Posts: 3
2.05 Dollars($)
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smithsussane
Joined: 18 Sep 2008
Posts: 10020
Location: Alaska
917.78 Dollars($)
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cap321
Joined: 21 Dec 2008
Posts: 3
2.05 Dollars($)
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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Posted: Mon Dec 22, 2008 8:56 am Post subject:
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cap321, i think you need to be encouraged. i think you and i are in agreement in considering the employment gap to be less important than it might be ordinarily. your husband's employment history in the UK would definitely be considered by most lenders - of course, verification would be necessary.
it would seem that the lack of work did not negatively impact your credit standing, so that would be in your favor.
with some lenders the amount of down payment won't drastically affect how your request is treated, but i will also suggest that the larger the better is often a good way to look at it. honestly, getting mortgage insurance has become much harder these days, so i'd suggest you have at least 10% for down payment. without doubt, you'll avoid some costs if you have 20%.
as for the loan amount, the calculation you cited (less than 3Xsalary) isn't going to be critical, but the overall ratio of debt to gross income will be. what you're going to need to determine is the monthly total of "piti" (principal, interest, taxes, insurance) for the particular property you choose. in addition to that amount, you'll need to add in for mortgage insurance (either pmi or fha, if you choose that route).
begin your shopping is my opinion. you may find some lenders reluctant, but you may also be successful in your search. it's worth the effort in any event.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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