Posted on: 01st Mar, 2010 07:25 pm
I am in the process of getting a USDA loan. I am 23 years old, and I am concerned that my 2008 income (26k), while I was a full time student, is really going to drive my income numbers down. I now make 40k+, but if I understand the process right, my 2008 income is going to hurt my numbers and it doesnt matter that I was in school at the time. I am buying a home with my girlfriend and her income situation :?: is similar but even more drastic....please advise.....thanks!
Hi dannestor!
Welcome to forums!
Did you speak to the lenders in order to get a USDA mortgage? If not, then I would suggest you to have a word with some of the lenders. This will help you know whether or not you would be able to get pre-approved for a loan. You would also get to the know the rates and terms that you would qualify for. As you were a full time student, I think the lenders would consider your income. You can speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will let you know what type of rates and terms you would get while you apply for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Did you speak to the lenders in order to get a USDA mortgage? If not, then I would suggest you to have a word with some of the lenders. This will help you know whether or not you would be able to get pre-approved for a loan. You would also get to the know the rates and terms that you would qualify for. As you were a full time student, I think the lenders would consider your income. You can speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will let you know what type of rates and terms you would get while you apply for a loan.
Feel free to ask if you've further queries.
Sussane
It shouldn't. Did you graduate? You're now working full time? Are you salaried? The underwriter should be basing your income off of 2009 not, the average of 08 and 09.
