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When you get a mortgage, I know you need to have a job for a minimum of two years.
My fiance has a 4 year degree and I wanted to know if, because of that degree, she would only have to show an income of one year or less?
Also - my income, we would just claim as other income for her (she pays for all bills). We will need to include my income to show we have enough to buy the house. (I GENUINELY don't care about being on the deed myself). Is this allowed, and would we have to prove I worked for two years?
she will need to cosign . bad move to do if not on a deed .
She will be getting the mortgage herself. If I cosign, I wouldn't be able to prove an income for two years because I haven't started my job yet and we wanted to buy late next year. We'd be relying on:
1) her being able to get a mortgage with 1 year of this job and her four year degree, instead of no degree and 2 years of this job.
2) that she can claim my income as "other" income for her (and me not being on the deed)
3) that I wouldn't have to prove my income for two years, since she will be claiming it as "other".
the underwriters have to really be the ones to decide . income restrictions are pretty tough now because banks can't sell the mortgages if they do not adhere to them .
we are retired , have multiple 7 figures in a portfolio , we are delaying social security and have a small 20k pension . 3 banks said 50/50 chance we would be approved by the underwriters . they can't do asset based lending and our income outside of our control may be to little even though total income from our sources is 100k plus .
the only asset based loaning banks we could find offered crappy deals .
You can look into a No Docs loan. That means there are no credit checks, nothing. Just apply for the loan and if the value from the appraisal is there, the loan will go thru. Be forewarned, most No Doc mortgages require 35% down pay. For ease of the mortgage process, this is how I turn, flip, and acquire rental properties. No waiting half your life for loan approval, no mountain of paperwork to hand to the loan officer, just apply, schedule the appraiser, and go about your business. Don't have the down pay? Then you're not ready to buy or own a home. I've seen a lot of folks with great intentions get into financial issues by buying a home when they weren't ready. Buying a home is the biggest investment you'll ever make. Do it right and you won't regret it.
1. There is a Real Estate forum here, and a mortgage subforum within it. There are a couple of very knowledgeable mortgage bankers there. You are going to get much more accurate answers there.
2. I work in title, so I know some loan basics.
Here is my non-expert assessment:
- Her degree has zero relevance to the loan.
- You cannot claim 'other' income. That isn't an option. All income/money is verified. Therefore, it will come from you. If your income is being used to qualify, you will have to be on the loan. If you are on the loan, you are an idiot (no offense) if you are not also on the deed. What if something happens to your fiance before you are married? You would have no interest in the property, but yet you would be financially responsible for the entirety of the loan. Very, very poor financial decision.
- You do not have to have a full time job for two years. If your job is commission based (full or partial), you will have to have it for at least two years for a Freddie Mac loan. I'm not exactly sure where the cut-off lies for Fannie Mae or FHA. They use some formula- commission will not count 100% for either of them until you have held the job for two years. Overtime follows the same rules for commission- it will not count for Freddie Mac until 2 years are in, it will only partially count for Fannie Mae and FHA with less than two years.
- If you are counting on part time employment to qualify for this loan, you are going to have to come up with a new plan. It will not count. It could count after two years, but no type of loan counts it with less than two years.
You are *not* in a position to do what you want. It *WILL* bite you in the backside.
STOP
You are in too much of a rush. Settle down, plan this out for a couple years while building credit up, establishing careers and just Generally getting your life in order. You are 99% likely to run yourself to ruin for trying to force this (and you are forcing it).
Please, to save yourself a Massive load of anguish, just Stop for now.
You can look into a No Docs loan. That means there are no credit checks, nothing. Just apply for the loan and if the value from the appraisal is there, the loan will go thru. Be forewarned, most No Doc mortgages require 35% down pay. For ease of the mortgage process, this is how I turn, flip, and acquire rental properties. No waiting half your life for loan approval, no mountain of paperwork to hand to the loan officer, just apply, schedule the appraiser, and go about your business. Don't have the down pay? Then you're not ready to buy or own a home. I've seen a lot of folks with great intentions get into financial issues by buying a home when they weren't ready. Buying a home is the biggest investment you'll ever make. Do it right and you won't regret it.
Thanks for your advice. We have looked into first time home buyers assistance and they offer all the down payment, 20%, to be covered in distressed towns/cities in the state, as long as we under a certain income bracket.
You are *not* in a position to do what you want. It *WILL* bite you in the backside.
STOP
You are in too much of a rush. Settle down, plan this out for a couple years while building credit up, establishing careers and just Generally getting your life in order. You are 99% likely to run yourself to ruin for trying to force this (and you are forcing it).
Please, to save yourself a Massive load of anguish, just Stop for now.
Our credit scores are good, I've talked to my mother who is extremely conservative with her money about the plan, and she doesn't think it's a bad idea - she knows our situation thoroughly, she's happy for us - and usually she's very critical about things.
We won't do anything stupid. We plan to work with a good mortgage lender (by doing research), a good realtor (by doing research), and talking to my mother every step of the way.
We won't have kids for a while and we will still have nearly $1,000 left every month over after every bill, food, gas, insurance, home items, etc...
We won't jump into this unless we're positive we love our jobs and work hard. Not including in the plan of $, we have my fiance's sister who will be moving in with us at the same time we do and she will be becoming a teacher (4 year degree), so she's going to be giving us rent money too.
Thank you for your concern!
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