Financing in Los Angeles>Question Details

Soybased, Home Buyer in Los Angeles, CA

I'm a teacher at a school, and I'm not being paid during the summer... But I will start getting paid again in

Asked by Soybased, Los Angeles, CA Sat Jun 6, 2009

the fall. Will this affect my eligibility for an FHA loan now and/or in the fall? If I put in an offer today and my last paycheck for this term comes out on the 15th will I be financed?

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Answers

6
Jonelle Bechard’s answer
I have a really good answer for you!!! Starting in July there is a teachers program coming available that gives you a grant to purchase for teachers! Call me I can give you details also if your a teachers you do not want to go FHA there is teacher programs that r way better!!

Jonelle Bechard
818-605-3204
0 votes Thank Flag Link Tue Jun 16, 2009
You will not have a problem getting a loan, just make sure to disclose that to your lender.
Lenders will take your ratio from an avarage of monthley income and expences during the year, so if your income is anough to cover your expences during that year then youre good to go.

Good Luck.
Web Reference: http://homesinsale.com
0 votes Thank Flag Link Fri Jun 12, 2009
good morning .....the answer to your question is no....it will not have any effect on being approved....i do suggest that you mention to your lender how the school sytem figures your amount of gross pay per period.....because the ytd totals won't match what your contract states your annual contract is..i would offer a copy of the contract to the lender to help document your point....it also may help you budget to either spread your income over the twelve months or get a lump sum as some schools when school is out for the summer......and pay your summer housepayemts out of that.....i hope that helps.bob mcclure- success mortgage partners- plymouth, michigan.....
0 votes Thank Flag Link Mon Jun 8, 2009
These are questions a lender would be able to answer. Here is a contact of a good lender. Al Rivera (562)587-5284 website: http://www.altheloanguy.com and his email al@altheloanguy.com

Thanks,
0 votes Thank Flag Link Sun Jun 7, 2009
You can still get financed, your income will just be averaged out because it's not out of the ordinary for teachers as well as other types of work that can be seasonal.

Any further financing questions let me know.

Good luck.
0 votes Thank Flag Link Sat Jun 6, 2009
Hello Soybased,

Good for you. It's a good time to take advantage of the tax credit. FHA financing should take into account your time you are off work. It's best to speak to your lender. If you need someone to speak to regarding FHA financing or searching for a home/condo in Los Angeles, just let me know. Enjoy the time off. It is well deserved I'm sure.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
mcarrabba@kw.com
(323) 899-2900
0 votes Thank Flag Link Sat Jun 6, 2009
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