Posted on: 26th Dec, 2009 11:56 am
I asked this in an earlier question, but haven't really had any answers:
this is the short version of the question
Due to credit reasons, my husband will not qualify for our FHA loan ... so going on my income only:
The figures I'm looking at are:
2008 Gross: 18,488.00
2008 AGI: -3543.00
2008 NET: 407.00
2009 Gross: 46,000
2009 NET: 40,000 (approx)
Qualifying Credit Score 660
I have been prequalified, but they are waiting on tax forms from 2009.
I'm trying to figure out if I will still qualify for 75,000 based on these amounts, and if not approximately what amount I would qualify for.
... I asked while on the phone with them, and they stated simply that they need the tax forms. I'm looking for some outside advice, maybe lenders that have had experience with this before & can tell me what to expect...
Thank you,
Evelyn
this is the short version of the question
Due to credit reasons, my husband will not qualify for our FHA loan ... so going on my income only:
The figures I'm looking at are:
2008 Gross: 18,488.00
2008 AGI: -3543.00
2008 NET: 407.00
2009 Gross: 46,000
2009 NET: 40,000 (approx)
Qualifying Credit Score 660
I have been prequalified, but they are waiting on tax forms from 2009.
I'm trying to figure out if I will still qualify for 75,000 based on these amounts, and if not approximately what amount I would qualify for.
... I asked while on the phone with them, and they stated simply that they need the tax forms. I'm looking for some outside advice, maybe lenders that have had experience with this before & can tell me what to expect...
Thank you,
Evelyn
Yea youll def qualify, I qualified for 115k with less gross than that and a 630 score.
flaofficer, did you have close to the same income each year? Or did you show a loss like my 2008?
Thanks!
Thanks!
No losses I only made 29k, but your going to have to write a good letter explaining why the losses happened. Automatic underwriting is very simple, they only look for certain documents, and if you have those, and meet the criteria, and as long as you can show you make enough money to supoprt a mortage, your going to get it.
flaofficer, Thank you very much for the help.
My concern is last year's income. I can show that I was paying rent/expenses, so therefore actually had positive income. Beyond that, I simply had a lot of deductions.
I'm hoping that this year (2009) income will make up for the 2008.
Thank you again, your post is very helpful, knowing that you qualified for 115k on income of 29k.
My concern is last year's income. I can show that I was paying rent/expenses, so therefore actually had positive income. Beyond that, I simply had a lot of deductions.
I'm hoping that this year (2009) income will make up for the 2008.
Thank you again, your post is very helpful, knowing that you qualified for 115k on income of 29k.