Question : Home loan?
My boyfriend is applying for a FHA home loan today, he has great credit, 700's and has had a job for awhile. The only thing is that he has cut back hours lately because of going to school and work and they asked for his last month of pay stubs. Usually he makes about 1500 a month take home but has only made about 100 this past month because of tests and essays and what not. Will they not accept him based on this? Not to mention that was an intern, he has been hired in at chrysler for the summer making 3000 a month (750 a week).We live in michiganhe was going to rent but it was suggested he buy and build equity, hes already guaranteed a job at chrysler. He also has a very good down payment (20k), hes doing the FHA loan because he wants to flip the house he buys so he can make a good profit on it 2 or 3 yrs down the line when he sells.
- asked by BUFFCHICK25
All Answers:
Answer #1
There are different programs that require andapprove different incomes. What state are you in?
- answered by nicholas_818
Answer #2
They like to see steady income for the past 2years. If only 1 month is off, I doubt they willcare that much.
- answered by sooners83
Answer #3
Might be good to put of a home purchase until he'ssettled in life a bit more. Like after he's out ofschool and in a job-career for awhile. And alongthe way Save up for a good down payment. He willbe able to afford more house and a better one withmore money. It sounds to me after schooling thathe'll comand a good income and should be able toafford a much better home than an FHA home.Howeverthat's my little thought and I'm not there. Goodluck
- answered by Scott
Answer #4
it may be iffy. With his credit it might be bestto get a "no income verification" loan or a "nodocumentation" loan. The lack of income recentlymay cause them to approve him for only a verysmall loan or none at all. Keep in mind a mortgageis a huge deal and his unsteady incmoe may burdenthe finances.
- answered by Amanda H
Answer #5
I am a mortgage examiner in the State of Michigan.Your situation depends on where you are going foryour mortgage. If you go to a mortgage broker,they may be able to shop around to find you thebest lender - just please be careful when choosinga broker. There is so much fraud here - people aregetting ripped off left and right. You can alwayscall the Office of Finanical and InsuranceServices to inquire on a broker (or lender, forthat matter). If you decide to go straight to thelender, understand what they plan to do with yourloan first - many of them sell loans on thesecondary market.The most important thing toremember is to ALWAYS review every piece of paperyou sign. This is where some of the fraudsters aretaking thousands of dollars from unsuspectingpeople.Anyway, as long as your b-friend has agreat credit score, steady income and proof as towhy he didn't make that kind of money in the lastmonth - you guys should be okay. Don't bring upwhat could happen in the future, cause you aren'ta fortune teller. Keep it honest and things willwork out.Don't sweat the petty things and don'tpet the sweaty things.....
- answered by Beeny
Answer #6
He will be fine if you provide a VOE (verification of employment) from employer thatsays that he took some time off for testing. Itwill also help if you get a letter of intent fromChrysler saying he has a position waiting for him.Alot of lenders will accept income from someonewho only has 2 mths on the job if they can provethey have been going to school for that position.Transcripts or a letter from the school workgreat. Also, you say he has down payment....hewill be fine. As said above....dont sweat it!!
- answered by queenvwr
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