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Old 10-24-2018, 02:32 PM
 
139 posts, read 152,016 times
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I started a new job about 5 months ago that is paying significantly more than my previous job.
For the new purchase mortgage, will I be able to qualify for a loan based on my current income, since it is not inline with last 2 years' W2s?

Of course, I have the paystubs for the last 5 months to prove current income.

EDIT: Additional question, will mortgage insurance be a problem if I put less than 10% in the above scenario?

Last edited by qwerty14; 10-24-2018 at 02:51 PM..
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Old 10-24-2018, 02:51 PM
 
3,317 posts, read 7,251,326 times
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If your income is a guaranteed salary.

If it consists of Bonus, Commission, or overtime, and you are in a new line of work, those components will not be allowed.

Hoping your new rate of pay is Guaranteed Full Time income, as if that is the case, it can all be used.
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Old 10-24-2018, 02:56 PM
 
139 posts, read 152,016 times
Reputation: 75
Quote:
Originally Posted by Pfhtex View Post
If your income is a guaranteed salary.

If it consists of Bonus, Commission, or overtime, and you are in a new line of work, those components will not be allowed.

Hoping your new rate of pay is Guaranteed Full Time income, as if that is the case, it can all be used.
Thats correct. Its just base salary I am talking about
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Old 10-24-2018, 03:11 PM
 
139 posts, read 152,016 times
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Is there any complication with Mortgage insurance in this case?
My credit is good 800+
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Old 10-25-2018, 09:12 AM
 
3,317 posts, read 7,251,326 times
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Quote:
Originally Posted by qwerty14 View Post
Is there any complication with Mortgage insurance in this case?
My credit is good 800+
Mortgage Insurance depends on:

Whether you put less than 20% down on a non-Government loan (FHA/VA/USDA) - note that you can put as little as 5% down, and get a second mortgage for the other 15%, to avoid mortgage insurance.

If you do a FHA or USDA loan you will have mortgage insurance no matter what, for the life of the loan.

VA: no monthly mortgage insurance. (more fine print here, please mention if you qualify for VA)
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