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Started By
Message
qualifying for construction loan
Posted on 8/9/13 at 1:43 pm
Posted on 8/9/13 at 1:43 pm
Scenario:
Husband and wife
Own land with about 33% equity
DTI around 5%
mortgage to income would be less than 25%
one has credit score of 820, the other 720+
enough cash for 20%+ down payment
here is the kicker:
one of them has had 4 employers in the past two years with about 6 months of unemployment in that time span.
do they qualify?
Husband and wife
Own land with about 33% equity
DTI around 5%
mortgage to income would be less than 25%
one has credit score of 820, the other 720+
enough cash for 20%+ down payment
here is the kicker:
one of them has had 4 employers in the past two years with about 6 months of unemployment in that time span.
do they qualify?
2
Posted on 8/9/13 at 2:51 pm to aaronb023
Probably.
Posted on 8/9/13 at 3:01 pm to aaronb023
Depending on who is the breadwinner and how the income is distributed between the two the income from the person with multiple employers and the income gap might not be needed to qualify.
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