Zillow Advice: FHA Loans - Teacher on 10- month pay

FNMA has MyCommunity Programs ...

Sun, 05 Jul 2009 02:58:00 GMT

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.

Lenders will look at the ...

Sun, 05 Jul 2009 02:57:00 GMT

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.

SInce you are a teacher, ...

Sat, 04 Jul 2009 12:08:00 GMT

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.

Lenders use w'2's and take ...

Sat, 04 Jul 2009 02:18:00 GMT

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

This product may be perfect ...

Thu, 02 Jul 2009 13:17:00 GMT

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

My wife is a schoolteacher, ...

Thu, 02 Jul 2009 03:40:00 GMT

My wife is a schoolteacher, and I can verify (at least, in SoCal) that the W2/12 is used for qualifying.

We aim to please and a sincere ...

Thu, 02 Jul 2009 02:05:00 GMT

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. :)

Wow. thank you both ...

Thu, 02 Jul 2009 01:56:00 GMT

Wow. thank you both !!!!!!

JS is dead on.. Teacher W2/12= ...

Thu, 02 Jul 2009 01:42:00 GMT

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.

Lender are accustomed to ...

Thu, 02 Jul 2009 01:21:00 GMT

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.