Financing in Rohnert Park>Question Details

Thelma, Renter in Rohnert Park, CA

Do I qualify for a first time home buyer 50K a year under a first year of a fellowship/post-doc? Thanks.

Asked by Thelma, Rohnert Park, CA Thu Sep 16, 2010

I was appointed an EPH lab fellowship at Cal. Dep. of Toxic Subs Control (Env Chem Lab) for 2010-2011 with an annual stipend paid biweekly. (it islike a post-doc basically). I dont get a W2 since it is NOT considered a salary but I do get biweekly pays and I have a year contract (which may be extended to two years). I was told I do not qualify for a first home loan due to being "self employed" and I need to wait two years under this fellowship (at which I will probably become a State employee. Any other ideas?? Should I just wait or is anyone aware of any other places that will finance a home unde my circumnstances?? I do have continuous employent history. Thanks.

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4
Thelma the usual rule on using income that is not considered a salary or a wage is:
"it's continuance must be likely for at least for 3 years after the time of closing" . Based on the information you have provided you wouldn't qualify using fellowship income. Sorry if you find this bad news. I hope the rest of your day is better.
1 vote Thank Flag Link Thu Sep 16, 2010
Thelma:
It's been over two years since you asked. What happened?
Tony
0 votes Thank Flag Link Sun Feb 10, 2013
Scott - why on earth would you tell someone they're loan can be done when it's completely evident there's an issue with income continuance, which Corey has stated perfectly?

Do you have access to Stated Income programs, which would be required for this scenario?

If you do, please let me know who's making these loans we can get approved with them....

I know Stated Income and sub prime lending is right around the corner!

thanks, Jeff
0 votes Thank Flag Link Sun Feb 10, 2013
Thelma- I live in Rohnert Park and my mortgage co. is in Petaluma. Give me a call 707 217 4000. I need more info about your situation as would as underwriter to make this decision. My hman underwriter sits 10 feet from my office. After we talk I can run your scenario by him. If it can be done, we can do it.

Thanks

Scott
0 votes Thank Flag Link Wed Sep 29, 2010
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