Posted by Ed Garcia on August 05, 2001 at 11:04:42:
Pat,
Based on your credit score, you can get 100% financing. You mention 12 to 14 months before you’re ready to buy so that will give you time to see if you can make it on the sales commission of your job. It will also tell us how much house you can afford. Forget worrying about qualifying for a loan at this time. You need to see how your new income is going to work and if it will provide you the standard of living that you and your wife have been enjoying the previous few years or if she is going to have to go back to work.
If you think that you’re going to be ready sooner then the time frame you have given, then come back to this forum and we can discuss NIQ (none income qualifier), NIV ( None Income Verification) Stated Income, just as it says, and the list goes on.
Don’t worry Pat; there will be a loan program that will make sense for you.
I have a question that I’m hoping someone can give me an answer or at least some direction to.
My wife and I are looking at buying a new house in 12 to 14 months. The problem is that she just left her job to stay at home with our infant son and I just started a new sales position where I am on commission. Before she left she had a great income and was making more than I. Because of the job I have now she was able to leave. We both have excellent credit (over 750 beacon’s) and no debt except for a car loan that will be paid off within six months.
Over the past two years we’ve earned collectively around 100K. Knowing that mortgage companies look not only at the last two years tax returns but also present income will I have enough time under my belt to qualify for a mortgage? Another question is what alternatives to mortgage financing through a company can I go to?