Financing in Fort Worth>Question Details

Merkel.ed, Home Buyer in

I asked this question in the other forum yesterday. I would like to hear some feedback from lenders now. We plan to move to Ft Worth in June, we are

Asked by Merkel.ed, Tue Jan 17, 2012

making the move to be closer to family... We will be 1st time buyers. I have secured a job, which i will start in June when we move. My wife teaches Special Ed, and will no doubt find a job as well.... Do we NEED to rent a while to establish time in our jobs? I will be changing professions (going back to a previous one), and my wife will be doing the same thing that she does here in NC.
We have about 10,000 in savings. We have a household income around 100,000. Fico Scores 680ish. Very little debt other than student loans....

As a lender, what is your advice?

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Jerry Thompson’s answer
Hi Ed,
I am a local lender and would love to help you with qualification. You don't always need 2 years of work history to find conventional financing. There are many factors that determine qualification. Having said that, if conventional financing isn't possible I have the ability to make a portfolio loan. Give me a call at (817) 367-4674 or (817) 980-4899 so we can discuss your options.

Thank You,

Jerry Thompson
Mortgage Loan Officer
OmniAmerican Bank
Web Reference: http://www.omniamerican.com
0 votes Thank Flag Link Tue Feb 7, 2012
I own a local Independent Insurance Agency. We represent Progressive, Chubb, Hartford, Safeco, Travelers among others. I can save approx 70% of the people we quote $ on their homeowners ins!! Give me a try. No obligation! Really!

Patrick Kevlin
All of Texas Insurance
972-333-4450
0 votes Thank Flag Link Wed Jan 25, 2012
Merkel.ed,

If you don't have any major gaps between jobs and you have been in the line of work previously then you should be fine assuming all jobs were w-2 income. The rest of the details you gave make your loan look fairly easy to finance. If you'd like a quote or have more questions feel free to contact me.

Easton Crafts,
CEO
Directions Equity Home Loan
ph. 210-257-0642
email: easton@directionsequity.com
0 votes Thank Flag Link Wed Jan 18, 2012
Hello Merkel.ed,

Because you already have employment lined up, you would not have to wait to purchase a home. Now with that said if you alone have higher than accepted debt to income (DTI) ratios and need your wife’s income to qualify, then you would have to wait until she starts employment. The fact that your wife will be eventually working could perhaps allow for higher than normal DTI ratios from the start though.

Your new employer will have to provide an offer letter stating what your new income will be.

I would be happy to help you with your financing. Our company Residential Finance Corporation is a National Direct Lender with access to some of the industries lowest possible rates and more importantly service second to none. We close loans on average in about 18-20 days start to finish. We underwrite and process your loan in house so you are informed every step along the way.

I look forward to hopefully hearing from you.

Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800.930.7334 Ext. 1108 – Toll Free
813.402.4637 – Direct Line
727.488.7355 – Cell
888.692.5967 – Fax
Josh.Lerette@myrfc.com

http://www.residentialfinance.com
0 votes Thank Flag Link Wed Jan 18, 2012
Hi, Merkel.ed. Short answer: No. So long as your old and new job were W2'd, you'll be fine, Worst case you will simply need a Employment Letter from your new job stating your annual salary, start date, and benefits if any.
0 votes Thank Flag Link Wed Jan 18, 2012
If you have a contract for the salaried position, and she gets a contract in place we can qualify you on the cpntracts but would most likely need the 1st check in hand before you can close and fund for your job and for hers because it is seasonal if we can show the contract and prove when she will get her first check then we can get the exception per the FHA guidelines. It sounds like the debt and credit is there. I would love to assist you in the transition. Please contact me anytime at 817-944-8094 on my cell or email at DeAnna.Morgan@Benchmark.us.
0 votes Thank Flag Link Tue Jan 17, 2012
Going back to a previous industry isn't a bad thing. Almost never an issue if you can demonstrate a good length of time in that previous job/industry.
I have done deals like this.
As for the spouse's signed contract, guidelines actually call for an actual pay stub(even if it is just one stub) for the new job....

You should apply. Worse thing that can happen is for you to be told sooner than later that you will need to rent for a while.

Good luck!!


Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
0 votes Thank Flag Link Tue Jan 17, 2012
Tom,
I dont know that it would necessarily be "needed"....other than Educ. loans debt is very low. 1 car and a few low balance cards. ... I understand you cannot use income that isnt there. The thought is that she will have signed a contract to teach the 12-13 school year late this spring/ early this summer. We would not attempt to buy a home unless we both had incomes! I am really just getting a feel for a direction, rather than waiting to the last minute.

It is a completely different job field, salaried position around 50,000,.... I have been a youth pastor for the past 3 years, and am going back into a similar management position that i held before going into ministry.
0 votes Thank Flag Link Tue Jan 17, 2012
If you don't have 2 years employment in "same field" "job gap" most lenders COULD decline the loan. Recommend speak direct with mortgage broker who can review your entire file.

Fort Worth homes for rent :
http://www.lynn911.com/Web/AR287090/CustomContent/index/5041503

Fort Worth homes for sale:
http://www.lynn911.com/Web/AR287090/CustomContent/index/5130258

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Tue Jan 17, 2012
Do you need the spouses income to qualify?
A 'trailing spouse' can be a good compensating factor if the debt ratios are on the high side.... But we cannot use income that just isn't there for qualifying.

I would like to learn more about the new job and the previous experience. Is this in the same line of work? Just a new job title? Is this a salaried position?
Please elaborate.


Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
0 votes Thank Flag Link Tue Jan 17, 2012
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