Allowing a Loan Officer to examine these documents will let him/her inform you on what steps you guys have to take in order to qualify, or if you do qualify, they can tell you what and how much you qualify for. There are so many determining factors in addition to income. Meet with a Loan Officer so that you address all your questions, and have everything in place so that you can take the next step, searching for the right property.
I'm always available if you have any questions. Good luck!
Senior Loan Officer
Sterling National Bank
I purchased a three family in Bushwick about a year ago and the bank included a portion of the rental income when calculating how much mortgage I qualified for. So if you're looking for a multifamily make sure you mention the rental income to the loan officer you choose to move forward with.
Best of luck!
Davis & Associates Realty
Why is your wife making only 37K. Pay scale for teachers are higher. Are you looking at her gross or net? Either way meet with a loan originator and show them your tax returns, last month's paystubs and bank account statements. They will run a credit report and work out with you what you qualify for.
Your question is too complex for this forum. You need to speak to several mortgage bankers and have them review your income statements, tax returns, bank statements and credit report. Only then will you truly know what you can or cannot do.
Once you find out how much of a loan you can get, then you can go looking at properties that fit within your budget. If I can be of further assistance, please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Believe it or not the beginning of next year will be here shortly, and keep in mind that all closings take
60 to 90 days, so hence we are in the beginning of next year. First step sit down with a mortgage
banker, self-employed does count its a little more complicated but its income. After you know
exactly what you can afford then you should start looking, not before as you will only be wasting
your time if you cannot get a mortgage. good luck and when you are ready I will be more than
happy to help you find that dream home.