Posted on: 14th Dec, 2010 07:05 pm
Hey all,
I would like to see if I could reasonably expect (and if so how much) to obtain a mortgage loan with the following qualifications and current work environment.
State: Currently California
Credit Score: Experian showed 760 the last I checked which was about 2 months ago.
Debt: $350.00 car payment. I currently have about 16 payments left but would pay off before applying for a loan if necessary. Credit card: Aprox. $2500 which I would pay off before applying.
Available credit. I have over $100,000 in available credit through all the credit cards I have (about 6 cards). Why so much I have no idea. They just kept raising the limit.
Assets: I have around $160,000 in cash and stocks with about $120,000 of that in retirement accounts.
Down payment/buyer expenses: Total out of pocket I would like to use no more then 30-40K.
Past Income: 2009 line 22 income $45,000 including $2300 unemployment, $2200 self employment. W2’s show approx $42,000 gross before 401K deduction.
Past Income: 2008 line 22 income $46,000 including $6300.00 unemployment, $1360 self employment. W2’s show approx $42,000 gross before 401K deduction.
Current Income: 2010, Expected to be slightly higher than 2008 and 2009
Future Income: 2011, Get to that later
Problems: 1) My work has been seasonal for the last 10 years. One job is in the tax field Jan-April (17 years), the other is in the creation of tax software (6 years) which typically run from May/ August until Jan of the following year. I usually will have between 1-4 months unemployment each year. 2) The software company (from above) changed our contracts to work through April which created a conflict of interest and so most likely will not be able to return next season. 3) I don’t want to buy in California, most like AZ where my family is but I haven’t made a final decision on that yet.
My worse case estimate of what I would make in 2011 and thereafter (including unemployment) is around $25-30K a year. This assumes I go back to CA for 4 months every year, this I can easily arrange but obviously I would want to transfer all work to AZ when appropriate.
My thinking is that if I put a 30-40% down payment down the investor might feel somewhat safe about recouping their investment. This would put the loan amount to around 60-80K and the house cost to be around 90-110K.
Am I just wasting my time?
I would like to see if I could reasonably expect (and if so how much) to obtain a mortgage loan with the following qualifications and current work environment.
State: Currently California
Credit Score: Experian showed 760 the last I checked which was about 2 months ago.
Debt: $350.00 car payment. I currently have about 16 payments left but would pay off before applying for a loan if necessary. Credit card: Aprox. $2500 which I would pay off before applying.
Available credit. I have over $100,000 in available credit through all the credit cards I have (about 6 cards). Why so much I have no idea. They just kept raising the limit.
Assets: I have around $160,000 in cash and stocks with about $120,000 of that in retirement accounts.
Down payment/buyer expenses: Total out of pocket I would like to use no more then 30-40K.
Past Income: 2009 line 22 income $45,000 including $2300 unemployment, $2200 self employment. W2’s show approx $42,000 gross before 401K deduction.
Past Income: 2008 line 22 income $46,000 including $6300.00 unemployment, $1360 self employment. W2’s show approx $42,000 gross before 401K deduction.
Current Income: 2010, Expected to be slightly higher than 2008 and 2009
Future Income: 2011, Get to that later
Problems: 1) My work has been seasonal for the last 10 years. One job is in the tax field Jan-April (17 years), the other is in the creation of tax software (6 years) which typically run from May/ August until Jan of the following year. I usually will have between 1-4 months unemployment each year. 2) The software company (from above) changed our contracts to work through April which created a conflict of interest and so most likely will not be able to return next season. 3) I don’t want to buy in California, most like AZ where my family is but I haven’t made a final decision on that yet.
My worse case estimate of what I would make in 2011 and thereafter (including unemployment) is around $25-30K a year. This assumes I go back to CA for 4 months every year, this I can easily arrange but obviously I would want to transfer all work to AZ when appropriate.
My thinking is that if I put a 30-40% down payment down the investor might feel somewhat safe about recouping their investment. This would put the loan amount to around 60-80K and the house cost to be around 90-110K.
Am I just wasting my time?
Hi stockmystore,
Though you put down 30%-40% down payment, the lender will want you to have a stable financial situation and income. If you do not fulfill this criteria most lenders will not be ready to give you a mortgage. Nevertheless, I will suggest you to contact the local lenders and start applying for mortgage. They will go through your financial situation and let you know whether or not you can qualify for a home loan.
Thanks
Though you put down 30%-40% down payment, the lender will want you to have a stable financial situation and income. If you do not fulfill this criteria most lenders will not be ready to give you a mortgage. Nevertheless, I will suggest you to contact the local lenders and start applying for mortgage. They will go through your financial situation and let you know whether or not you can qualify for a home loan.
Thanks
Thanks