Both answers you got can be correct. Usually an average of two years is used to calculate income, unless Fannie Maes desktop underwriter only asks for one year and the lender you are working with follows DU findings. I am in northern VA and work for a lender that underwrites off DU findings. feel free to call or email if you would like to discuss in more detail
Sr. Mortgage Banker
20110 Ashbrook Place #100
Ashburn VA 20147... more
From my experience with 203k loans, the best advice is to use a lender that offers assistance via third party with 203k processing.
This shortens the closing time by weeks. Try http://www.cfs-mortgage.com/203k for more information.... more
Scott gave a great overview -- It sounds to me that your main issue will be income at the new location. If you won't have a job, everything will rely on your husband's income. Using his income would be a little questionable, but workable with some additional documentation. If you can qualify carrying both properties on his income, it sounds to me that you will have no problem moving forward with your scenario. I'm happy to discuss this over the phone.... more
49% DTI should be fine. The only way to tell for sure is to get the income, credit and assets perfect with a loan officer in applicaton form. Then we run it thru Fannie Mae's system called DU. If it comes back approve/elgibile as long as we put all the numbers in corrrectly you should be fine. That's why you have to give the loan officer everything they need so we can give you accurate numbers. Hope this helps please let us know if you need more information. With a 49% you obviously have no margin for error so it all has to be perfect.... more