Mortgage question- new home financing?
If my husband and I have made between 20k-30k in 2006 and 2007 and make over 200k this year what are our chances of being approved for a mortgage of 235k with 70k down? (only financing 165k)
Filed under: mortgage financing
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You have no chance of FNMA/FHLMC financing. This year’s income is not considered UNLESS you are self employed and have a 2 year history of being self employed in the same business. Stated income has gone away.
You have a good down payment and assuming credit scores of 720+ you should be able to get good financing. That financing will most likely be portfolio, like Wamu, ING, etc.
What is your FICO score?
I agree, what’s your credit like, but the lender may not like your income. Yes, your going great this year, but they will ask about the increase and they may want proof that you will be able to sustain that projected income for a few years. That is a very radical change in income, be prepared to jump through some hoops, especially if your in a declining market, good luck