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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.
Posted on 8/9/13 at 3:15 pm to VABuckeye
loan underwriter here.
how long has the husband or wife been in the latest of those 4 jobs and how does it count towards DTI?
without any further details, I would be inclined to not count any income from that spouse in borrowers' cash flow.
how long has the husband or wife been in the latest of those 4 jobs and how does it count towards DTI?
without any further details, I would be inclined to not count any income from that spouse in borrowers' cash flow.
Posted on 8/9/13 at 3:20 pm to VABuckeye
Might need both for the mortgage to income. Income is even. I think the mortgage might be less or right at 28% of the steady worker's gross income, but its close
Posted on 8/9/13 at 3:23 pm to Brightside Bengal
2 months in the latest job. With the steady income, debt payment to gross is 7%. With both incomes, DTI is currently at 4%
This post was edited on 8/9/13 at 3:27 pm
Posted on 8/9/13 at 3:48 pm to aaronb023
I think the one income might be enough to qualify. how long of a steady work history would you need to consider the second income?
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