David Farkas…, Home Buyer in Homer Glen, IL

Im an HVAC tech, work is always slow in Feb and March, im preapproved but will my loan get denied because of work being slow in those 2 months?

Asked by David Farkasch, Homer Glen, IL Sat Mar 10, 2012

Im trying to time my home purchase until april at some point when work really picks up but there is a great deal on a house and i would have to move fast to get it. i have 10% to put down on a 125000 house but my income the last 2 months is considerably less than what it normally is the other 10 months out of the year. Also my loan is an fha loan.

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Suzanne Hami…, Agent, Orland Park, IL
Sun Mar 11, 2012
David -

a lender will consider your w2 income for the last two years. You can show income for prior months along with the most recent months. The lender should consider all. You have a good down payment, you don't need an FHA loan. If you would like to discuss this with some good lenders, let me know and I would be happy to forward you a few contacts.

Suzanne Hamilton
RE Marketing Consultants, Inc.
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Deborah Garv…, Mortgage Broker Or Lender, San Diego, CA
Sun Mar 11, 2012
David, Contact a mortgage professional. We will require two years of your tax returns. If will probably be important to draft a letter of explanation about the lower income being typically for this time of year and how you plan for it. The underwriter will be most concerned about your ability to maintain your debt obligations in slow times (reserves, budgeting, ect). It is not unusual for certain fields to have slow times....some trades are even on unemployment every year. Even that income can be used if it is normal for the industry/trade. Best of luck to you.
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Tim Moore, Agent, Kitty Hawk, NC
Sun Mar 11, 2012
Alain is right, the lender will look at your last two years of IRS returns to see what your income was that you reported. They don't care if you are behind right now, they look at the year end tax returns. Often independent contractors fudge the IRS numbers to reduce the taxes they pay, this hurts when going for a loan. I suggest you speak to a lender now while you are slow at work.
0 votes
Alain Picard, Agent, Puyallup, WA
Sat Mar 10, 2012
From what I know the lender will look at your W-2s for the past two years along with your current pay stubs so they will see what your annual income is and not just your income right now. If nothing has really changed since your pre-approval you should be ok.
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