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Any lenders qualifying individuals with great credit historys but low 40k range of annual income. Changed companies because of advancement opportunities but the cost of future advancement brought lower annual wages. I know in years to come I will be satisified with my decision to transfer companies but now it is ruining my approval options and loan amount. *NOTE* My available income does not reflect the actual amount I am able to afford or how much I pay towards my monthly debts. Due to my future husbands previous SHORT SALE he is unable to apply as a co-applicant. Our combined income annually is 115-130k. Any help would be appreciated. Also considering Builders financing incentive if available.
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Let's think broadly about options:a. You can go back to your old job so your income is higher and you qualify more quickly.b. Your husband can pay back the difference of the short sale, and you can move forward as if it hasn't happened (except for the ding on the credi record for the delay in payment).c. Save up a ~50% down payment, and look for hard money lenders at a premium interest rate.d. Rent for now, while you are saving up 20% down payment and in a couple of years after his short sale you'll be back on the road to home ownership.e. Purchase a house that you can afford on your $40 k salary.I know you don't want any of those answers, but with your husband's salary comes his history of shorting a lender on his home mortgage. No one has asked him to be perfect, but certainly not default on a major amount. Lender's don't like that behavior!I, personally, am delighted that the rules for getting a loan are tighter. Although, I certainly have sympathy for those in your shoes.
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