Financing in Rhode Island>Question Details

Helene Moret…, Home Buyer in 02917

can you be aproved for a mortgage if you have a steady pay plus a regular perdiem job?

Asked by Helene Moretti, 02917 Sat Dec 25, 2010

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11
Hi, Helen. Short answer is Yes. So long as your income is being disclosed to the IRS, ( a min of the last 2 years for most) it can be counted.
0 votes Thank Flag Link Mon Dec 27, 2010
Best confer with mortgage broker who will review your financial status once you have submitted a loan application. A virtual answer is probably not your best interest.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Mon Dec 27, 2010
I agree with Don. Income is income. A lender wants to make certain that you can pay your mortgage. So job stability, preferably 2 years, credit worthiness, debts etc. Are the things that a lender will consider when offering you a mortgage.

Best of luck to you!
Web Reference: http://www.DesariJabbar.com
0 votes Thank Flag Link Mon Dec 27, 2010
Yes, you can. You just have to be able to demonstrate your steady pay to a lender.

Hope that helps.
0 votes Thank Flag Link Sun Dec 26, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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Hi Helene:

Happy Holidays, I believe I also answered another question of yours on Credit.

The banks will loan you upto 0.45c of every dollar you make, provided you have a 2 year history
of making the same income that is verifiable by Tax Returns and your Credit score is good.

If Banks do not loan you then you have to go to Hard Money lenders who instead of say 5.5% charge you
8% but still give you money to buy your fine home.

Go to http://www.realtor.com or http://www.trulia.com and look for homes after you have figured out
your Yearly total for 2010, and then multiply that by 0.45c, provided your FICO is better than 680.

But first check for errors on your FICo, otherwise for a Credit Check it will cost you 15-20 points
off your FICO.

Perry
0 votes Thank Flag Link Sat Dec 25, 2010
Having the steady employment and per diem employment income is great, BUT, your credit score needs to be 640 or higher. Talk to your mortgage broker for details regarding your current credit score status and take it from there.

Please let me know if there is anything I can do for you.

Happy New Year.

MaryAnn Dempsey, Realtor & C.D.P.E.
0 votes Thank Flag Link Sat Dec 25, 2010
Hi Helene,

The answers you got are correct that it is good to have a steady pay and per firm job as well. The main things it will depend on are your yearly income amount, fico score from credit history, debt to income ratio, and what assets you have as well, like a 401(k) or CDs etc.

I would recommend you talk with a mortgage broker or local bank. I caution you to find someone online but rather get a referral from someone you know so you know what service they will give you.

I am a licensed realtor in MA and RI and can give you a few mortgage people I work with if you like. Hope you are enjoying the holiday.

Angela Dolber
Prudential Prime Properties
508-826-8553
http://Www.theDolberteam.com
0 votes Thank Flag Link Sat Dec 25, 2010
Hi Helene
The best suggestion it to chat with a mortgage originator. They will be able qualify you based on current mortgage guide lines. It takes the guesting and worry out of it. Good luck and happy holidays
Paul
Web Reference: http://www.rimoves.com
0 votes Thank Flag Link Sat Dec 25, 2010
The steady job is good and the perdiem job is also good. However, it depends on your credit, your FICO score and your debt to asset ratio. Without knowing any of these, it is difficult to say if you could or could not be approved. The best thing to do is to start with a bank or mortgage company and meet with a professional who will advise you if you qualify for a mortgage and what price home will fit with your budget.
0 votes Thank Flag Link Sat Dec 25, 2010
The only way to truely tell is to meet with a local and trusted mortgage broker, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for. they can prequailify you at no cost.

Please see my blog for soem info and tips on getting a mortgage in todays market
0 votes Thank Flag Link Sat Dec 25, 2010
Helene,

A mortgage professional will have to run your credit to make sure the requirement for fico score and debt to income ratio will satisfy the loan approval. Please contact a loan officer and get a quote.

Charita King
0 votes Thank Flag Link Sat Dec 25, 2010
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