It's the same as 2 months ago, but USDA did change their Funding fee and now added a monthly mortgage insurance payment
Homestar Financial Corp
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.
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)...so 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.
239 989 2950
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 <email@example.com>
TERRIE 53com PEARMAN <Terrie.Pearman@53.com>
Mike Horvath <firstname.lastname@example.org>
Carney Realty & Associates, Inc
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 http://www.coremortgagefinancial.com