Comments on: Home loan?

By: Beeny

Beeny — Sat, 20 Mar 2010 00:04:08 +0000

I am a mortgage examiner in the State of Michigan. Your situation depends on where you are going for your mortgage. If you go to a mortgage broker, they may be able to shop around to find you the best lender – just please be careful when choosing a broker. There is so much fraud here – people are getting ripped off left and right. You can always call the Office of Finanical and Insurance Services to inquire on a broker (or lender, for that matter). If you decide to go straight to the lender, understand what they plan to do with your loan first – many of them sell loans on the secondary market.
The most important thing to remember is to ALWAYS review every piece of paper you sign. This is where some of the fraudsters are taking thousands of dollars from unsuspecting people.
Anyway, as long as your b-friend has a great credit score, steady income and proof as to why he didn’t make that kind of money in the last month – you guys should be okay. Don’t bring up what could happen in the future, cause you aren’t a fortune teller. Keep it honest and things will work out.

Don’t sweat the petty things and don’t pet the sweaty things…..

By: nicholas_818

nicholas_818 — Sat, 20 Mar 2010 00:04:08 +0000

There are different programs that require and approve different incomes. What state are you in?

By: sooners83

sooners83 — Sat, 20 Mar 2010 00:04:08 +0000

They like to see steady income for the past 2 years. If only 1 month is off, I doubt they will care that much.

By: Scott

Scott — Sat, 20 Mar 2010 00:04:08 +0000

Might be good to put of a home purchase until he’s settled in life a bit more. Like after he’s out of school and in a job-career for awhile. And along the way Save up for a good down payment. He will be able to afford more house and a better one with more money. It sounds to me after schooling that he’ll comand a good income and should be able to afford a much better home than an FHA home.

However that’s my little thought and I’m not there. Good luck

By: Amanda H

Amanda H — Sat, 20 Mar 2010 00:04:08 +0000

it may be iffy. With his credit it might be best to get a "no income verification" loan or a "no documentation" loan. The lack of income recently may cause them to approve him for only a very small loan or none at all.

Keep in mind a mortgage is a huge deal and his unsteady incmoe may burden the finances.

By: queenvwr

queenvwr — Sat, 20 Mar 2010 00:04:08 +0000

He will be fine if you provide a VOE ( verification of employment) from employer that says that he took some time off for testing. It will also help if you get a letter of intent from Chrysler saying he has a position waiting for him. Alot of lenders will accept income from someone who only has 2 mths on the job if they can prove they have been going to school for that position. Transcripts or a letter from the school work great. Also, you say he has down payment….he will be fine. As said above….dont sweat it!!