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Teacher on 10- month pay

Profile picture for briyasmom
I am a teacher in Miami, Fl. I recently raised my credit score from 588 to 624. I would like to purchase a home within the next couple of months, however, I do not get paid from the school board over the summer. I have been working at a summer camp but the pay is less than my regular salary. If the last 3 months of paystubs are used to qualify me, how will this work if I dont recieve pay from my fulltime job? Will they calculate my summer job only?
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July 01 - Miami

Replies (10)

Profile picture for Courtesy Mortgage
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Since January 2009

Lender are accustomed to 10-pay cycles for teachers.  They will qualify you off your W2 and your Base Salary on your pay-stub from your primary job.   If you are using the summer income to qualify, that income will get considered and calculated separately.
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July 01
Profile picture for Martin Wareing
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JS is dead on.. Teacher W2/12= monthly income. As far as the lifeguard gig...  if it is not permanent (ie, every summer and has been in the past) most will not use it (other than a positive compensating factor) especially with week, but mending credit scores.  Raising it from upper 5's to low 6's is a good sign, but do not rest there.  5's are basically a code for REPO..  The average score is near 680 and the median (1/2 of America.. at least last year) has 720 or greater.  Keep working and it will come.  Miami will be depressed in RE for years if not a decade, so get your house in order and there will be plenty of houses to choose from for years to come. Patience  Patience.  Good luck and I wish you well.
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July 01
Profile picture for briyasmom
Wow. thank you both !!!!!!
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July 01
Profile picture for Martin Wareing
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We aim to please and a sincere thanks to you for giving yourself to teach our children.  It is gratefully appreciated and many time gone unappreciated.  :)
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July 01
My wife is a schoolteacher, and I can verify (at least, in SoCal) that the W2/12 is used for qualifying.
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July 01
Profile picture for CA UMB
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This product may be perfect for you. It's a Fannie Mae Product although not all lenders offer it. Here's a LINK. ...... Happy funding, Rudi
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July 02
Lenders use w'2's and take into consideration your summer time off.
No worries. When you are ready I suggest you get a preapproval letter so you know the amount of house you qualify for before shopping for a home.

Warmest Regards,

Steph,
FHA Mortgage Specialist
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July 03
Profile picture for Erez Cohen
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SInce you are a teacher, we can use your job with the pay for qualification so long as we can verify your employment with the school board.
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July 04
Profile picture for FinancialResources
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Lenders will look at the total income over the past 2 years and divide by 24 months to calculate your average monthly income.

Summer income will need to be documented. You may be asked to provide a letter from the summer employer regarding the probability that you will be able to continue to work and earn a summer income.

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July 04
Profile picture for FinancialResources
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FNMA has MyCommunity Programs that are geared for Teachers, Police Fireman etc, and these programs offer a great incentive. You should inquire about these programs with a Mortgage Professional.
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July 04
 

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