Financing in Cape Coral>Question Details

Lisa, Home Buyer in Naples, FL

Can my husband buy a home in his name with 1 full tax return stubs for 2011 41k and 6 months stubs & a return for 2010 for only 9k. on job for

Asked by Lisa, Naples, FL Thu Sep 15, 2011

1y 6mo He wants to buy in feb of 2012 at that time my husband will have been at his job for a aprox 1year and a half and will have his w 2s to reflect both years and stubs, Is not haveing a FULL 2 years a problem for a salary person?He will be a first time home buyer and will also be putting dn about 12% and has a 680 fico score looking in price range of 160,000.. just to give an idea of what proff of income he will have at the end of the year
first 6 mo of 2010 off books worked p/t same employeer
2nd 6 months of 2010 worked on books w-2 for 10k
2011-worked on books salary - w-2 for 41,600k
2009- laid off for large home builder has small w-2 for 5k
wil only have stubs and w-2 s for 1 full year and a half of year income for2010

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Lisa.....I'll give you the regulations so you can put your mind at ease. For an FHA loan, look to handbook 4155.1 website below. This will give you the necessary guidance and answer your question, For a USDA loan go to

It's the same as 2 months ago, but USDA did change their Funding fee and now added a monthly mortgage insurance payment

Steve Vinson
Homestar Financial Corp
0 votes Thank Flag Link Wed Oct 5, 2011
Hi Lisa,

If conventional financing methods don't pan out look at my owner financing inventory as an option.
0 votes Thank Flag Link Wed Oct 5, 2011
Check out

I also advise you to get at least 2 professional opinions from local lenders before you pay any application fee. Good Luck! It is very exciting to be a home buyer right now.

0 votes Thank Flag Link Mon Sep 19, 2011
Lisa you have received correct information from everybody that has posted here with 1 notable exception. When someone uses this forum to imply you have received erroneous information for there own benefit is not only wrong but highly suspect. I can promise you that that the majority of people that post on any of these forums are well versed in their disciplines, but then there are those that ..........well you get the idea
0 votes Thank Flag Link Thu Sep 15, 2011
You can do an FHA loan with this scenario. Two years of income verification is always considered but only a must for a self employed person. A salaried person, who may have had several jobs, is ok if they are in similar fields. Especially with FHA. The fact that you can prove continuous income is the point.. At 41K per year figure the bottom qualifying ratio at 33%(41K div 12=3,416...33% is1,127...a 160K mtg at 4.5% = 811 plus prepaids (taxes, insur and MIP say 1,150...3,416 x 33% = 1,127) you may be tight at 160K. I would suggest you are ok with a mortgage but need to find a similar house for less money AND there are tons of them !!.
I know this because in addition to being a Real Estate Broker for twenty five years, I also managed a mortgage and title company for twenty five years.
Feel free to call with questions.
Eric Hess
239 989 2950
0 votes Thank Flag Link Thu Sep 15, 2011
here are three mortgage bankers for you to call and forward this information to get the correct answers to you questions.

When it is determined when you can purchase give a call to David Irwin to assist you in buying a home in Naples.

Shannon Mortgage Mullins <>
Mike Horvath <>

Good Luck
Marzia Rivera
Carney Realty & Associates, Inc
Web Reference:
0 votes Thank Flag Link Thu Sep 15, 2011
You need to contact a mortgage broker.
I think Steve Vinson gave you some good advise..
Web Reference:
0 votes Thank Flag Link Thu Sep 15, 2011
It appears the income differential will not affect him. Also it appears he will qualify for a USDA loan with $0 down right now if the home you purchase will be in Collier County. USDA allows for income going forward regardless of previous year. Had the same situation in Hernando County and USDA allowed it. If you need additional info or preapproval on new mortgage prior to give me a call or email me at
0 votes Thank Flag Link Thu Sep 15, 2011

This is a question for a good Mortgage Broker. They can shop many lenders for the best deal and advise you prior to getting "naked" in front of the lender. Try
0 votes Thank Flag Link Thu Sep 15, 2011
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