Profile picture for Ken Kopper

Ken Kopper

Lender

Mortgage Consultant (20 years experience)

Specialties:
Purchase Loan,
Refinancing,
Home Equity,
Mortgage Planning

Advice

  • (1601 Contributions,
  • 18 Best Answers,
  • 224 Helpful)

Contributions are sorted newest to oldest.

What types of income can I use to qualify for FHA? (Rhode Island)

Answer

Tony, your loan officer would do you justice  to order a Written verification of Employment for both your current employment and your previous employment in order to accurately calculate your qualifying income as it relates to a breakdown between your base salary and bonus income. Typically with bonus income, the lender will want to verify a 2 year history of receiving that type of income and also have your current employer remark that this type of income is likely to continue.

  (1)
Non-warrantable condo in North Carolina

Answer

Ling, We have an investor who will take Non-Warrantable Investment condos at 60% Loan To Value. Im not sure if that will help you in your current position but it is nontheless an option.

  (0)
FHA Loan with 10 month unemployment gap

Answer

Have you looked at getting a pre-approval for mortgage financing using only your income and liabilities? Even if the debt to income ratio is in the 50's, with strong credit and significant non qualifying income, you might be able to receive an automated approval.If so and you do require both incomes to budget for your price range, then another option would be looking for purchase opportunities where the seller would either allow for a lease to buy or offer seller financing until you have properly seasoned your wife's income at which time you can obtain formal financing for the property.

  (0)
Buying a condo in a building less than 50% owner occupied

Answer

Conor, with 20% down payment you should be able to qualify for financing for this particular condo as a Non-Warrantable condo.  Your other option would to be search for small local bank that offers a portfolio product (Non Conforming loan product) and you maybe to qualify for purchase with as little as 10%.

  (0)
Is it harder to get a mortgage being paid by commission

Answer

Jon, the lender will get a written Verification of Employment filled out by your employer which breaks down your total income for 2013, 2014 and YTD into base pay , Overtime and commission. You current base will be used and then lender will take an average of both OT and Commission for both of those sources of income to determine your qualifying income. The only item that could affect your ability to get approved for mortgage financing is if you have substantial Unreimbursed Work Expenses written off on the tax returns.

  (1)
We're not married, can they count his income for a mortgage loan in my name?

Answer

Ashley, I am not aware of any loan program that would allow you to qualify using income for someone that is not included on the loan application for financing. If the foreclosure is within 5 years but more than 3 years, then perhaps the both of you can look to qualify using FHA financing. FHA seasoning requirements for a Foreclosure is 3 years.

  (0)
Pre Approval and Living more than 50 miles away from work.

Answer

Best course of action in this scenario is to write a strong detailed letter of explanation to be submitted with the file once you are under contract on a property. In my experience, it is also best to explain the situation upfront (rather than waiting for underwriter to request an explanation) so that there is not a chance for the underwriter to review the file and come up with their own interpretation of what is going on. If you dont currently own any other homes or your current home will be sold contingent on your new purchase, I would think you should not have any issues. Good Luck!

  (0)
Is a down payment necessary?

Answer

VA Guaranteed Loans and USDA (Rural Development) are two programs that immediately come to mind that do not require a down payment. VA loans requires borrower eligibility to qualify and USDA loans require that the property and borrower meet their eligibility requirements.

  (0)