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I graduate in 2mo & am getting 2 fulltime jobs. Will both be used for mortgage income?

I will have firm job offers by the time I graduate, one job should be around $39000 and one should be around $32000 (per year). I have monthly debt of $365 car payment, and who knows how much student loan debt because I don't have to start repaying it for 6months - a year. Probably about $550/month I think. Trying to get a house in the 150K range. Will this work? I know you can't use part time jobs unless you have 2 years of W2s, but what about FULL TIME jobs?
  • May 31 2010 - Yukon
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Answers (4)

Yes, you can use the income of the offer on one of your jobs.  The likelihood of using it from two job offers is not likely; and I would not recommend it either even if you could.  It would be best to sit down with a loan officer and get pre-approved.

Get the actual payments on the student loans as they will need to be factored into your ratios since they are not deferred for 12 months.
  • June 13 2010
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I'm pretty certain that they use all your "prove-able" and documented income.  The trouble happens when income can't be proven, so as long as you can, you should be okay.  I did forward your question to a friend who is a lender to make certain.  I'll let you know what I find out.

Jennifer Henning, Realtor
405-625-1576

  • June 13 2010
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Profile picture for ahouseforme
Well I was told by several lenders that since I will be a new graduate, I can get approved based on information from my future employer stating how much I will make and guaranteed hours and start date. So I know that part will work. I am just wondering if BOTH jobs will work like that. Thanks for the formula though, that is helpful!
  • May 31 2010
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Profile picture for arashiku
Here was one of the formulas I learned from one of the lenders:

income $39000/12 = 3250/mo * allowed percentage on your home

-> 3250 * 45% = 1462.5 - your debt (365 + 550) -> 1462.5 - 915 = your affordibility on PITI of your new home (principle + interest + tax + insurance)

So you get the picture. Not sure if they would take your so-called firm offer as a full time job as you haven't really started yet.

Hope that helps.
  • May 31 2010
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