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annual income

Hello,

I've recently been looking into buying my first house. I'm still doing research, but in another thread I ran into first time home buyer programs. If I were to qualify it would be 3% of purchase price towards loan/closing costs.

The income limit for the aid is 57,000. I currently make 51,000 and will begin making 58,000 on September 3rd. My unmarried partner is currently unemployed, but made about 1000 earlier in the year.

If I go for a home this year, would it would to put my annual income for the year as what I will actually make this year, somewhere in the 55-56 range? Or am I disqualified? I don't really want to have this bite me in the butt down the road.

The MO program is @ mhdc.com. I can't really find any terms. I'll call Countrywide tomorrow I guess, but thought I'ld find out tonight.

Thanks for the help
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August 27 2007 - US
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http://www.hud.gov/offices/cpd/affordablehousing/training/web/calculator/definitions/index.cfm

Ok, it looks like i can use previous gross income. You can never do enough googling.
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August 27 2007
JH, your income is just one component. Your DTI or debt to income is essential information as well.
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August 27 2007
 
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