Home Buying in Philadelphia>Question Details

oallenmann, Home Buyer in 19119

Will I we able to obtain a mortgage if I was out of work due to injury for the majority of 2012. My 2011 tax returns are solid and my credit is 670.

Asked by oallenmann, 19119 Tue Jan 1, 2013

My 2012 tax return will only reflect less than3 months salary. And I am afraid that will hinder my mortgage approval. I have now returned to work & really want to buy vs rent.

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Answers

9
Gita Bantwal ABR/CRS/SRES/CDPE’s answer
I had a similar incident with a buyer who was out of work for a month and we had to postpone settlement.. You should talk to a lender. You can go to http://www.hud.gov and look up lenders and other resources.
0 votes Thank Flag Link Thu Jan 10, 2013
Hi,

You may still qualify. Were you receiving short term disability benefits? Are you back to work now with same employer?

Your best bet is to contact Edward Dubinsky at Absolute Home Mortgage (215) 808-5353 ,or by e-mail at: edubinsky@ahmcloans.com.

Good luck with your mortgage pre-approval. When you are ready to start hunting for properties, please call me so we can develop a starategy to acquire a great deal on your next home.

Have a Happy Healthy & Prosperous New Year in 2013.

All the best,
Larry Lichtman, CNE
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994
LarrySellsRealEstate@gmail.com

DJCRE, Inc.
Real Estate Sales & Leasing
Property Management & Insurance
1611 Snyder Avenue
Philadelphia, PA 19145
Office: (215) 271-7070
2 votes Thank Flag Link Fri Jan 4, 2013
Hello,
You can reach me at 215-327-8104 so we can discuss this further.
Kathy Hanigan
Broker
0 votes Thank Flag Link Wed Jan 16, 2013
My recommendation is for you to contact a local lender. From my experience, you need 2 years of steady income with the current year greater or equal to the previous year. An experienced local lender will be able to answer your question clearly.
0 votes Thank Flag Link Tue Jan 1, 2013
Good Evening Oallenmann,

the best way to get a confident grip for a Mtg approval is to confide in a professional Lender. I have a few in mind that would be willing to walk you through the process.

Feel free to give us a call and we can get you to a professional manager

All the best, John+ Sheri Curci RE/MAX 215-757-2889
0 votes Thank Flag Link Tue Jan 1, 2013
Hello,

There are many factors that are considered when applying for a mortgage. Based on the credit score you provided you are able to qualify provided that your report doesn't have any debts that need to be paid down or off and you have solid employment history (atleast two years). If you were out of work based on documented injury and then returned to your job and previous to the injury you worked there for two years plus than you should be ok. The only way to know for sure is to speak to a lender, if for any reason you are unable to get qualified now I have a team that can get you ready in as little as three to six months! I can also refer you to my preferred lender if you would like. Please feel free to contact me as well as browse my website for homes!

Danielle R Gurst
REmax Affiliates
267 423 2623
http://www.DaniSellsHomes.com
0 votes Thank Flag Link Tue Jan 1, 2013
Hello & a happy & healthy new year to you.
You will need to have 2 paystubs and the letter from workers comp. Showing how long & why you were out of work.Now is the time to start the pre-approval process incase there is anything on the credit report that needs to be taken care of.
I do a lot of work in Germatown & the rest of the city and will be happy to assist you in the buying process.
Please contact me to discuss your wants
A
and desires in a home and will connect you to a knowledge able loan officer who will get you pre-approved.
My best;
Don SHERMAN-SRES
Century21 Advantage Gold
Cell-267-716-8228
Email-realtor94@gmail.com
0 votes Thank Flag Link Tue Jan 1, 2013
oallenmann,
It will really depend on the strength of the rest of your application and the program your lender suggest. A gap of employment can be a serious issue to a lender, but if there are compensating factors you may be able to overcome it. My suggestion would be to meet with a local full service lender and discuss this and any other limitations you may have up front. FHA may be an option, they tend to be more lenient than conventional, but no one should deny you without a more complete picture of your situation.
One last thing, by meeting with a lender, if you are not currently qualified, you'll find out what you need to do to qualify sooner.
0 votes Thank Flag Link Tue Jan 1, 2013
The only way to know for sure is to talk to a local lender and get prequalified. There are many factors involved, besides credit score and income. They will look at employment history, debt to income ratio, etc. It's good that you're back working again! Good luck to you!
0 votes Thank Flag Link Tue Jan 1, 2013
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