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well I did a loan where the borrower was self employed for 2-3yrs.
he had a great score...and he was putting 20% down.
DU only asked for employment verification....not income verification.
He had his CPA write a letter stating that he was reporting taxes for 2yrs...and it was done. (full doc)
Wow lots of helpful info here, thank you. The loans are all my fiance's, and we do need to call the lenders (private and federal) to get an idea of payments, and the exact time of deferment. Online calculators are rather inaccurate because of the varying interest rates. Both our credit scores are 730/740, and we have 25% to put down for what we've looked at (looks like this will help us). But, it also looks like it would be easiest to wait until we know the exact student loan payments (it's a six-figure balance unfortunately) because they could vary by hundreds a month dependent on what rates we can consolidate too, and the repayment schedule.
I sure hope with college education (and working in the field) and a pay stub no lender would be averaging my income over the past two years. My income will be about 6 times that as it was as a student...
It looks like we'll need to get a student loan payment number at least for ourselves, and have a paystub before applying. We were talking today about just waiting until the end of the 6 months grace, consolidating the loans, and then applying for a mortgage because then all the numbers (salary, debt) will be set in stone. And, saving up more money never hurts, and our credit scores may even go up a little more.
Does anyone think that waiting until Oct/Nov this year will hurt us, or is the market in Arizona likely to just fall more? I've also heard that buying around the holidays in general will get you more of a discount. We're looking at new construction mainly, so we're hoping to get a lot of builder incentives and closing costs paid.
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,848,852 times
Reputation: 958
Quote:
Originally Posted by tortoisegirl
Wow lots of helpful info here, thank you. The loans are all my fiance's, and we do need to call the lenders (private and federal) to get an idea of payments, and the exact time of deferment. Online calculators are rather inaccurate because of the varying interest rates. Both our credit scores are 730/740, and we have 25% to put down for what we've looked at (looks like this will help us). But, it also looks like it would be easiest to wait until we know the exact student loan payments (it's a six-figure balance unfortunately) because they could vary by hundreds a month dependent on what rates we can consolidate too, and the repayment schedule.
I sure hope with college education (and working in the field) and a pay stub no lender would be averaging my income over the past two years. My income will be about 6 times that as it was as a student...
It looks like we'll need to get a student loan payment number at least for ourselves, and have a paystub before applying. We were talking today about just waiting until the end of the 6 months grace, consolidating the loans, and then applying for a mortgage because then all the numbers (salary, debt) will be set in stone. And, saving up more money never hurts, and our credit scores may even go up a little more.
Does anyone think that waiting until Oct/Nov this year will hurt us, or is the market in Arizona likely to just fall more? I've also heard that buying around the holidays in general will get you more of a discount. We're looking at new construction mainly, so we're hoping to get a lot of builder incentives and closing costs paid.
Also, what is "DU" and "LP"?
Just a disclaimer, I was incorrect in what I previously posted regarding income. These guys posted the correct info. You do both need to be salaried to use the new income, as can be backed up by the other replies, specifically renriq02's.
The market in AZ is not going to rebound anytime very soon. They are on the same declining market list that Vegas, Florida, and Southern California are on. What part of AZ, if you don't mind me asking? I've got a buddy in Flagstaff, one of the few areas not in a bad downturn out there.
DU and LP are, respectively, Desktop Underwriter and Loan Prospector. They are automated underwriting systems that most lenders and originators use. These systems give us the conditions needed to originate the loan. So if DU or LP only conditions us for a paystub, or a written verification of employment, then that is all we need provide.
well I did a loan where the borrower was self employed for 2-3yrs.
he had a great score...and he was putting 20% down.
DU only asked for employment verification....not income verification.
He had his CPA write a letter stating that he was reporting taxes for 2yrs...and it was done. (full doc)
That doesn't surprise me. With compensating factors, DU isn't really as hard on the self employed as many people think.
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,848,852 times
Reputation: 958
Quote:
Originally Posted by tortoisegirl
Daddys///M3: We're interested in buying a detached townhome in East Tucson.
I don't think you have anything to worry about. Tucson has seen a downturn as well, although not as drastic as Phoenix. Median value has gone down about 5% over the last year, so I wouldn't worry too much about losing a large amount of value out there either.
We just moved from South Carolina to Minnesota,all we needed was a paper signed by our employer stating what we would be making and that we did indeed have a job.
We closed on our house Jan.25th and began working Feb 7th.
I wonder if this will work for us, as we're less established credit-wise (but have excellent scores nonetheless). The main issue would still be my fiance's student loans. I will have to call the lenders to see how accurate of a monthly payment estimate we can get as they have not come due yet; it seems like it can vary by hundreds a month! I'd be comfortable going for a mortgage once we knew the student loan payment per month, and had some savings in case one of our jobs fell through, we got fired, etc.
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