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Company Loan Type APR Est. Pmt.

Preparing to get a mortgage in one year

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

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
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