Home Buying in Jacksonville>Question Details

Julf, Other/Just Looking in Virginia Beach, VA

We are transferring to Jax in Oct. We plan on purchasing a home in Sept/Oct/Nov. We'll also be 1st buyers.

Asked by Julf, Virginia Beach, VA Mon Apr 13, 2009

We will be getting a significant payraise of additional 1,400 in March. Will banks/credit unions consider that in our approval process or would we be better off waiting till next year??

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JUlf, you will need to submit pay stubs to prove income. It is highly unlikley that in this market that any lender will consider future earnings. However, you state that your raise is in March and since this is April you should be able to use your raise. You do need to speak to a good lender. Let me know if you would like contact nos. Thanks, Jack Vance (904.504.1215) jvance15@bellsouth.net
0 votes Thank Flag Link Tue Apr 14, 2009
Hi Julf,
I'm understanding you to say you are getting a generous pay raise next March but considering buying here in the Fall. Depending on the level of debt you want or already have might help you to decide. I would suggest you run the numbers both ways by consulting a mortgage broker. I can refer you to someone that would do that free of charge. Email me at larry@jacksonvillehomes4u.com.
I am retired Navy and a licensed mortgage broker as well as a REALTOR. I would be happy to discuss your options in the local real estate market in recent history. Feel free to contact me any time that is convenient for you. Good luck with your transfer and Bravo Zulu on your promotion.

Larry
904-710-1574

websites http://www.jacksonvillehomes4u.com and http://www.facetoface4u.acnrep.com
0 votes Thank Flag Link Mon Apr 13, 2009
Hi Julf

I am going to go against the general consesus here. The two year employment history required by most lenders is valid but it does not require that the employment be at the same paygrade or even the same employer. If you have been in the military for two years and are recieving a promotion I do believe that a lender would accept the higher pay rate as long as it is in effect when you apply. In other words, you must be able to produce an LES that shows you are currently receiving the higher amount in your pay. I would also suggest using your VA eligibility in obtaining a home loan. You will be able to take advantage of zero down financing without mortgage insurance by paying a one time VA funding fee at closing which can be included in your loan amount. You may also be able to structure your purchase agreement in a way that has the seller pay all of your closing costs so you may get in to your new home with virtually no money out of pocket. The VA loan is the only financing option at the time that allows no money down home loans.

I am retired Navy myself and a licensed mortgage broker as well as a REALTOR. I would be happy to discuss your options and how to take advantage of the best buyers market in recent history. Feel free to contact me any time that is convenient for you. Good luck with your transfer and congratulations on your promotion.
0 votes Thank Flag Link Mon Apr 13, 2009
Dear Julf,

As David stated before, the payraise may or may not be considered by lenders, and here is why: they prefer to have 2 years of income reflected on tax returns to create a snapshot of your familys' financial health, also know as Debt to Income Ratio (DTI). So, while the extra income is fantastic, they want to make sure it will be consistent when looking at the loan process.

SInce you are moving from Virginia Beach to Jacksonville, I wonder if you are in the military, and if so, you can qualify for a VA loan, which is a terrific way to proceed at this time. You would want to deal with a mortgage pro who has familiarity with all types of loan products, but at this particular time, many first time home buyers are going with either FHA (Federal Housing Authority) or VA (Veteran's Administration) loans, simply because they generally require fewer dollars into the transaction from the buyer's perspective.

I've helped hundreds of first time homebuyers, and can do the same for you, while making the process as stress free as possible.

Good luck!
Carol Zingone
Broker Associate
Prudential Network Realty
904/993-9048
Web Reference: http://www.carolzingone.com
0 votes Thank Flag Link Mon Apr 13, 2009
If you can prove it on paper, they may consider it. You really need to talk to a mortgage broker/lender about that. If you don't have one, I would be happy to give you names of some really good lenders to talk to.

If you would like to start searching for homes to see prices and whats avaliable in our market, I would love to assist you. You can also view properties on my website at http://www.shondasauls.com
0 votes Thank Flag Link Mon Apr 13, 2009
Julf,

Unfortunately, from my expierence banks will not consider that income but you may want to still check with the lender. There are alot of great homes on the market currently that have been greatly reduced so whether you buy now or wait there are great deals to be had. Buying before Dec. 2009 will qualify you for the 8,000 tax credit so that is a big plus!!! I would love to assist you in your move, Feel free to contact me at the info below.


Sincerely,

David Ott
Keller Williams Realty
904-318-5121
ott2buy@comcast.net
0 votes Thank Flag Link Mon Apr 13, 2009
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