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.
Clay, you must have had the baby out, this was some 2 day rally!
What you are specifically looking for is a lender who is able to do an investment purchase on a non warrantable condo. The percentage of investor owned units is making it Non Warrantable. I have a program for non owner occupied Non Warrantable condo that requires a 40% down payment. Please feel free to contact me to discuss.
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.
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.
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%.
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.
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.
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!
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.