This loan is provided primarily to the Professional occupations listed below. Since you are a CPA you are eligible, and based on prior client scenerio you will not have to be on the job for any seasoning period.
Special note : I do not believe Condo's are allowed.
This Sr. Mortgage Banking Officer is Tom R. Callahan at BBVA and his e-mail email@example.com
Tom has been assisting home buyers for over 27 years and is recognized on a national level with the Mortgage Bankers Association as a leader within the industry.
Good luck to you, TJ
Best of luck...
Kinecta Federal Credit Union is one of a few credit unions in the country that is also a HOMEPATH lender.
I am with Jim & Lori on this. Underwriter will need to determine your likelihood of continued employment with your present job, and if its not at least 24 months, they can't consider it as a viable source of income.
1) If you don't have a household (wife and kids), consider renting a room, maybe from another professional with an extra room for rent - OC has great rooms for rent ! - April is but one month away... So you can get yourself a NEW JOB, pass the 3 month probation period and THEN be considered a full pledged employee... ready to get your Mortgage Loan !!!!
2) If you do have wife and kids, and they are coming over at the same time... then its a bit more sticky. You'd probably want to rent a home or apartment - unless you happen to have family or friends that can accommodate for about 6 months ??? - FYI : most homes / apartments want 12 month signed lease - minimum.
Most Kindest Regards,
KELLER WILLIAMS REALTY
JD Power & Associates Ranked #1 Buyer Satisfaction 2008, 2009, 2010
Chase Bank Preferred Agent 2008, 2009, 2010, 2011
Short Sale & Pre-Foreclosure Certified *
REO Buyer Agent & Distressed Property Certified
DRE LIC 01708214
Assuming you meet all the other guidelines your move and change of employment should not impede the underwriting process. Typical seasoning for time on a new job is thirty to sixty day's and because you are a W2 employee they will factor your income based off of your current salary and not an average of the last two years. Keep in mind when you file your tax returns they will look at no-reimbursed expense on Schedule A and deduct that from your income as well as any Schedule C and Schedule E losses. Your situation is not a difficult situation but an easy one to screw up so choose your loan officer wisely. Hope that helps.
There are numerous programs out there that can accomodate your situation. Two come to mind. FHA Loan & Homepath (Please visit homepath.com & view Fannie Mae owned homes) - Both require minimal downpayment.
Underwriters are going to look at the entire picture - You might have heard of DITI or debt to income. It appears you can document $5k a month - what about any revolving debt? Car payments? Credit Card? Student loans? These will need to be taken into account. If you have no debt - you will be be allowed to use $2250 a month towards your housing expenses including principle, interest, tax & insurance.
A $200,000 condo with 3.5% down ($7,000) - Leaves you a mortgage of $193,000 @ 4.25% = Monthly payments of $949.44 + $208.33 taxes + $56.29 hazard ins, In addition, depending on the program - you might have to pay Mortgage Insurance. Check out Homepath - We are an approved lender & it's a great program.
Please feel free to call.
Castle & Cooke Mortgage
Cell: (949) 212-4578