What if we have 50.000 dollars for a down payment , would my (wife)have to be working?

Asked by Sally, San Antonio, TX Wed Jun 20, 2012

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17
Donald Eyerm…, Agent, Garden Ridge, TX
Sat Jun 23, 2012
I would be happly to provide free prequalification with a lender. let me know if you would like to do that.
0 votes
Angelica Alb…, Agent, San Antonio, TX
Wed Jun 20, 2012
Hello, it all depends on a few factors: do you have a job that provides any type of income? What is your income? What is the price of the home? what is your debt to income ratio? What is your employment history? What is your credit score? The best person to help answer this is a mortgage loan officer at your bank or any other mortgage company. I can definitely point you in the right direction and guide you every step of the way in the purchase of a property.
0 votes
Jason Campbe…, Agent, San Antonio, TX
Wed Jun 20, 2012
This really depends on the type of loan, what your price range is, and what your Income to Debt Ratio is..

I would get a quick pre-approval done... that will answer all of your questions, and it is free!

Go here: http://www.DHIMortgage.com/Kasey-Hampton - quick, easy, and free...

Kasey has the lowest rates and is the most aggressive loan officer in town.

Jason
0 votes
Francisco Mo…, Agent, San Antonio, TX
Wed Jun 20, 2012
No, your wife would not have to be working, if you have a credit score of 620 and above and you have an income (debt to income ratios). I would recommend you stop by your bank or credit union to get pre-approved or pre-qualified if you don't feel at ease contacting one of us at this time. Remember once you have been approved for a mortgage, I would highly recommend that you shop for the best interest rate with mortgage companies as well. I have 3 lenders that I work with and would be a pleasure to assist you to get where you want to be at. Thanks,
Frank Mota-REALTOR
0 votes
Teka Cross, Agent, AUSTIN, TX
Wed Jun 20, 2012
Your best bet would be to talk to a lender and see what your debt to income is..It will depend on a number of factors in your case..

Teka Cross

210)782-6978
0 votes
Aaron Guzman, Agent, San Antonio, TX
Wed Jun 20, 2012
You can always consider owner financing. I have a house in Woodstone subdivision for sale with owner financing. Call me if you are interested. 210-908-1038.
0 votes
, ,
Wed Jun 20, 2012
Nope, you qualify using your income only; as long as you earn enough it doesn’t matter if she is working.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes
, ,
Wed Jun 20, 2012
Sometimes mortgage qualification is based on the income and debts of just the borrower (conventional), and sometimes it considers the debts of a nonpurchasing spouse (FHA, VA and USDA). Texas is a community property state, and government loans use debts of the NP spouse.
So do we have enough information to answer your question about the $50,000 down payment and the work situation of your wife, Sally? Not at this time.
I hope you are working with a licensed mortgage loan officer who can explain the differences in underwriting guidelines so that you can get the best loan for your family.
Good luck!
Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas For 30 Years!
Web Reference:  http://www.thecokerteam.com
0 votes
Tabitha King, Agent, San Antonio, TX
Wed Jun 20, 2012
There is an answer to your question. A loan officer can answer it. Would you like to talk to one?

Tabitha
414-4255
0 votes
Jaime Marin, Agent, San Antonio, TX
Wed Jun 20, 2012
I agree with Marcus, I can put you in contact with one of our preffered lenders. give me a call.
210-219-0509 Id be gladd to better assist you.
0 votes
Susan Casas, Agent, San Antonio, TX
Wed Jun 20, 2012
The first step in home ownership is to speak with a lender. I will be happy to forward her information to you. Call anytime. She is the VP and has over 20 years experience. Call soon, looking forward to speaking with you.

Susan Casas
210-835-6696
0 votes
Vinh Hoang, Agent, Sacramento, CA
Wed Jun 20, 2012
The best person to answer your question would be your "trusted" loan officer. He/she will be able to guide you through your loan process and will be able to determine whether or not your wife should keep her current job.

Good Luck!!
0 votes
Sally, , San Antonio, TX
Wed Jun 20, 2012
There is no answer to my question. From Sally
0 votes
David Munro, Agent, SAN ANTONIO, TX
Wed Jun 20, 2012
No, she would not have to be working. If she is not working, the mortgage company would then only consider your income...and of course your down payment...in determining what you qualify for in terms of a monthly pymt.
0 votes
Marcus Laughy, Agent, San Antonio, TX
Wed Jun 20, 2012
There are a lot of factors when applying for a loan. In so many cases a large down payment is not needed unless you are trying to buy a more than you qualify for or trying to get your monthly payment lower. A lender can do a quick pre-qualification for you and help you to determine the requirements for what you want to buy. If you would like I can get you in touch with someone and you could have an answer very quickly.

I wish you luck!

210-393-6187

Marcus Laughy
0 votes
Tabitha King, Agent, San Antonio, TX
Wed Jun 20, 2012
Not if you can qualify for the amount of house you want on 1 salary. Would you like to speak with someone about it?

Tabitha
414-4255
0 votes
Ron Thomas, Agent, Fresno, CA
Wed Jun 20, 2012
Probably not;
but there is too little information to work with here:

Is the house you've chosen $150,000 or $750,000?
Is your credit good?
What is YOUR income?

Good luck and may God bless
0 votes
Were not looking for a 150.000 or 175.000, We are looking for under 100.000 . that's what I type.
Flag Wed Jun 20, 2012
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