Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Preparing to get a mortgage in one year

Posted on: 18th Jun, 2012 12:40 pm

I am planning to apply for a mortgage in 1 year from now. I just got a second job and I already have a full-time job for the past 5 years.
Will I will be able to qualify based on both incomes (both W2's) considering that I will only show 2'nd income for just one year? By then I will have at leat 30K as down payment.

Thank you.
While you will have $30,000 for a down payment, is that more or less than 20% of the purchase price?

I ask becasue in order to naswer your question about hwehter or not the second job inocme can be used to qualify, I need to know if you will be required to get PMI. The PMI guidelkines may be different from the Fannie mae or Freddie mac or FHA Guidelines.
Posted on: 18th Jun, 2012 01:31 pm
It is actualy more complicated. I will get a construction loan. By next year the land will be paid off so I can use that as equity and 30K will represent 15% of the 250K house I would like to build.
Posted on: 18th Jun, 2012 01:37 pm
Posted on: 18th Jun, 2012 01:58 pm
Thank you. That is all I needed to know. I appreciate your input.
Posted on: 19th Jun, 2012 05:41 am
Good luck and best wishes
Posted on: 19th Jun, 2012 05:50 am
Page loaded in 0.126 seconds.