Zillow Advice: Buying Process - FIRST TIME HOME BUYING QUESTION http://www.zillow.com/advice-thread/FIRST-TIME-HOME-BUYING-QUESTION/324557/ Zillow Advice | Zillow Real Estate Hello,The person you should ... http://www.zillow.com/advice-thread/FIRST-TIME-HOME-BUYING-QUESTION/324557/ Hello,<br/>The person you should be asking is your <a href="http://www.zillow.com/directory/lenders/">lender</a>. Please ask them for all the details regarding your loan.Are you working with a realtor? If so, ask them questions and&nbsp; they should be more than willing to help find out some of the questions you need answered. One way to know what you are qualified for(loan programs) is to contact a lender. It is always a good idea to contact several to see what the charges and interest are. If you have a certain bank/lender that you have had business with before, start with them, if they were helpful before.<br/>Thank you for allowing me to answer this question for you, I hope it helps.<br/>Sherry Ferfes<br/>Realtor<br/>[content removed by moderator]<br/> Sun, 14 Feb 2010 14:12:00 GMT http://www.zillow.com/advice-thread/FIRST-TIME-HOME-BUYING-QUESTION/324557/ 2010-02-14T14:12:00Z I responsed to your question ... http://www.zillow.com/advice-thread/FIRST-TIME-HOME-BUYING-QUESTION/324557/ I responsed to your question on <a href="http://www.zillow.com/mortgage/">Mortgage</a> Advice a few min. ago..... you didn't mention your concern about current income vs previous income in that post but bottom line is your current income will count as long as it salary and in same line of work. You just need to feel comfortable that it is secure as you would not have been qualified at your previous income... Sun, 14 Feb 2010 20:26:00 GMT http://www.zillow.com/advice-thread/FIRST-TIME-HOME-BUYING-QUESTION/324557/ 2010-02-14T20:26:00Z Hi First time buer.I have ... http://www.zillow.com/advice-thread/FIRST-TIME-HOME-BUYING-QUESTION/324557/ Hi First time buer.<br/><br/>I have worked as a <a href="http://www.zillow.com/directory/lenders/">lender</a> and as realtor. In my personal view. I would not put you in a 5/1 Arm. Yes you can refi at anytime, but you should not need to refi by being in the right <a href="http://www.zillow.com/mortgage/">loan</a> to begin with. <br/><br/>I also see no need to be in a <a href="http://www.zillow.com/fha-loan/">FHA</a> if you are putting so much down.<br/><br/>Have another talk with your loan officer. S/he should be willing to go to bat for you to the underwriter. If I where you I would using a local loan officer not a big name bank. For a first time experience you need the help a local loan officer can give.<br/><br/>Good luck<br/><br/>www.besthomesofsacrament.com Sun, 14 Feb 2010 19:26:00 GMT http://www.zillow.com/advice-thread/FIRST-TIME-HOME-BUYING-QUESTION/324557/ 2010-02-14T19:26:00Z Thank you SherryI am working ... http://www.zillow.com/advice-thread/FIRST-TIME-HOME-BUYING-QUESTION/324557/ Thank you Sherry<br/>I am working with a Lender and he preapproved me for the same and I am going to sign documents which the Bank sent me this coming Tuesday to start the process.<br/>He approved me for a FHA 5/1 Arm and I can <a href="http://www.zillow.com/refinance/">refinance</a> after I get the house after 3 - 6 months if needed.<br/>After looking into all the Income to Debt ratio in all the websites, I dont see I qualify.&nbsp; But the <a href="http://www.zillow.com/mortgage/">Mortgage</a> office confirmed, I will get the <a href="http://www.zillow.com/mortgage/">loan</a> and there should be no problem.&nbsp; I am just curious and wanted no problems, I liked this house and really pray I get the Loan approved.<br/>My only concern is 2008 and 2009 I made only 49K <br/>Starting this year I am getting 69 K + commission<br/>I came to know that Commission they wont consider because they need minimum of 20 months to check the average.<br/>I am in this Job for more than 3 years now.<br/>My only concern is if this loan can be approve based on my current 69 K salary&nbsp; - as i mentioned the Loan amount is 370,000.00 and the house is 415,000.00<br/>I am putting 45K down payment Sun, 14 Feb 2010 17:30:00 GMT http://www.zillow.com/advice-thread/FIRST-TIME-HOME-BUYING-QUESTION/324557/ 2010-02-14T17:30:00Z &hearts;&cedil;&bdquo;&hearts;&cedil;.&bull;*&deg;&uml;&deg;&#9734;&deg;&uml;&deg;*&bull;.&cedil; ... http://www.zillow.com/advice-thread/FIRST-TIME-HOME-BUYING-QUESTION/324557/ &hearts;&cedil;&bdquo;&hearts;&cedil;.&bull;*&deg;&uml;&deg;&#9734;&deg;&uml;&deg;*&bull;.&cedil; &#9618;&#9619;&#9734; H a p p y &#9734; &#9617;V&#9617;A&#9617;L&#9617;E&#9617;N&#9617;T&#9617;I&#9617;N&#9617;E&#9617;S&#9617;&#9619;&#9618; &#9617;D&#9617;A&#9617;Y&#9617;&#9619;&#9618;&#9617;&#9617; &#4326;&hearts; &#4326;&hearts;&cedil;.&bull;*&uml;`*. &cedil;.&bull; <br/><br/>It's official...the nesting season has begun! Sun, 14 Feb 2010 16:03:00 GMT http://www.zillow.com/advice-thread/FIRST-TIME-HOME-BUYING-QUESTION/324557/ 2010-02-14T16:03:00Z I hope not (no offence intended).&nbsp;If ... http://www.zillow.com/advice-thread/FIRST-TIME-HOME-BUYING-QUESTION/324557/ I hope not (no offence intended).<br/>&nbsp;<br/>If you are single,&nbsp;you would need to be making almost double that to comfortably afford a $370K mortgage. Sun, 14 Feb 2010 15:12:00 GMT http://www.zillow.com/advice-thread/FIRST-TIME-HOME-BUYING-QUESTION/324557/ 2010-02-14T15:12:00Z