Hi Carlos! Thank you for the comment. I would highly recommend that you speak to an experienced lender because I don't believe that's a hard and fast rule. In my experience, some borrowers have been able to get up near 50% of their debt to income ratio (FHA allows for POSSIBLY 57%, though I believe the mortgage percentage maxes out at 47%). In order for you to get accurate and specific information, feel free to email me and I'll send over some great and trusted lender names. You can simply have a chat without feeling forced to commit. They'll be able to help determine your specific max purchase price.
If my spouse has 2 jobs, 1 job she worked for over 2+ years already, and the other just about 6 months the now. Does that matter when looking at income for both? Or Does she need to work at her new job for 1+ year or so, for us to get a loan?
Hello and thank you for the question. I would definitely recommend speaking to a lender as they would be able to tell you exactly what will work once they’ve gotten the full details. I did ask a trusted lender and she said the following. Again, there are other details that a lender would need to give you a full answer. If you are located in California and would like to chat with my go-to trusted lender, please reach out to me: Monroe.erika@gmail.com Lender (general info since she doesn’t know all details of your file): It would depend on if they are full or part time. Typically if you have one full and one part time, they (bank) want you to be on both (jobs) for two years to use the income.
I had responded to this but it doesn't look like the response published. Sorry about that! I would definitely encourage you to speak to a lender. Everyone's file and work history is unique, so they would likely need more information to be able to to tell you what income they can use. In speaking with one of my trusted lenders, it sounds like they usually like to see 2 years of work history for both jobs but again, until you speak with a lender and they collect all the necessary info, it's hard to say exactly what income they can count. Keep in mind that getting pre-approved by a lender or even having a conversation with them does not mean that you will be forced to work with them. Good luck and please reach out to me for a referral or anything else: monroe.erika@gmail.com
I heard I can only borrow 4x my salary. It has me spooked, I have no debt and stable income, but that would be a gut punch if true.
Hi Carlos! Thank you for the comment. I would highly recommend that you speak to an experienced lender because I don't believe that's a hard and fast rule. In my experience, some borrowers have been able to get up near 50% of their debt to income ratio (FHA allows for POSSIBLY 57%, though I believe the mortgage percentage maxes out at 47%). In order for you to get accurate and specific information, feel free to email me and I'll send over some great and trusted lender names. You can simply have a chat without feeling forced to commit. They'll be able to help determine your specific max purchase price.
If my spouse has 2 jobs, 1 job she worked for over 2+ years already, and the other just about 6 months the now. Does that matter when looking at income for both? Or Does she need to work at her new job for 1+ year or so, for us to get a loan?
Hello and thank you for the question. I would definitely recommend speaking to a lender as they would be able to tell you exactly what will work once they’ve gotten the full details. I did ask a trusted lender and she said the following. Again, there are other details that a lender would need to give you a full answer. If you are located in California and would like to chat with my go-to trusted lender, please reach out to me: Monroe.erika@gmail.com
Lender (general info since she doesn’t know all details of your file): It would depend on if they are full or part time. Typically if you have one full and one part time, they (bank) want you to be on both (jobs) for two years to use the income.
I had responded to this but it doesn't look like the response published. Sorry about that! I would definitely encourage you to speak to a lender. Everyone's file and work history is unique, so they would likely need more information to be able to to tell you what income they can use. In speaking with one of my trusted lenders, it sounds like they usually like to see 2 years of work history for both jobs but again, until you speak with a lender and they collect all the necessary info, it's hard to say exactly what income they can count. Keep in mind that getting pre-approved by a lender or even having a conversation with them does not mean that you will be forced to work with them. Good luck and please reach out to me for a referral or anything else: monroe.erika@gmail.com
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