Home Buying in Nashville>Question Details

Amanda Walker, Home Buyer in Nashville, TN

Looking to move to the Nashville area and need some advice!

Asked by Amanda Walker, Nashville, TN Wed May 21, 2008

My fiance and I are moving to the Nashville area in August. We are currently looking for a new home, since this will be our first time purchasing a home, we are a little confused. We both have new jobs lined up, however, we will not start them until we get there. Does anyone know how how a loan works with "stated income"? We both have credit scores in the upper 700's and combined income upon starting our new jobs will be around $140,000, will that be enough to help us get the laon even if we use the stated income method?

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While I am no loan expert, the clients I've had successfully go through a "stated income" program found them surprisingly easy and friendly. Typically, with a healthy credit score and income, you'll be fine; however, with the lending crackdown recently, they've been harder to find. Corbi (who totally off topic...I adore) is correct. You need to connect with a mortage lender soon. Once that is all figured out, you'll find the Nashville home search process buyer friendly! Glad you're coming here!!
1 vote Thank Flag Link Wed May 21, 2008
Wow man - you posted that income and creditscore, and they came out of the woodwork.

To answer your question - lenders do have some power to evaluate potential borrowers on a case by case basis. Given what you've stated here - it sounds like documentation of your history, and verification of your current/future employment should not be difficult to come by. You shouldn't need to use the stated income method in the first place.

You may also want to consider the option of renting for a short period of time. Moving to a new area you're not familier with can be tricky. What neighborhood do you want to live in, what is the market like, there's all sorts of things you just can't really figure out until you've been there for a little bit. Even a 3 month lease somewhere should be enough. Might cost you a tiny bit of money during the lease period - but might save you a whole lot of headache and regret down the line.
1 vote Thank Flag Link Wed May 21, 2008
Welcome to the Nashville area, Amanda! You will find that in choosing a Realtor to help you narrow down your search and area you may wish to live in will be most helpful.....then as you are looking(or before) talk to several lenders in the area who could give you some advice on the stated income loan and as was mentioned, you will get a better loan through other means.....It sounds as if you are qualified enough to do that......You are coming into a good buyer's market, so be sure to pick a Realtor who is "in the marketplace"...Let me know if I can be of help...Laura

By the way, to answer Mike, there are a number of different Realtors who try to answer all questions as we have the time
Web Reference: http://www.Laura-Scott.com
0 votes Thank Flag Link Sun May 25, 2008
Amanda,
I am a mortgage lender in middle Tennessee. Currently stated income is not an option in the mortgage industry, but, based on the details you stated, you won't need a stated income program. With employment already in place we can do a verification of your employment and salary and use that for your income. I would love an opportunity to speak with you regarding the best loan options for your situation. Please
contact me at mdavenport@realtymortgage.com.
0 votes Thank Flag Link Thu May 22, 2008
How much are you putting down? Jumbo stated loans are in the nine percent range and you will need to put at least 20% down if you are doing a jumbo loan. Not too many lenders are doing stated any more. You may need to look around on this one.
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Wed May 21, 2008
What an exciting time for you. I am sure you will get lots of feed back on this question. I will be glad to share with you my lending experts name and number. It is smart to get different opinions on this matter.
Fell free to contact me. bskees@realtracs.com
0 votes Thank Flag Link Wed May 21, 2008
I have a couple of great lenders who can help as well. Feel free to contact me directly through my website below.
0 votes Thank Flag Link Wed May 21, 2008
I would love to get you hooked up with a mortgage expert that I highly recommend. Generally speaking with your great credit scores, lenders are able to just verify your employment with a start date, or even just take a letter of intent.
Please feel free to call me to discuss this further. I am confident that I have exactly the right person to help you with this. She has done many loans with this same scenario for me in the last month. My number is 615.430.4477 Look forward to speaking with you!
0 votes Thank Flag Link Wed May 21, 2008
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