2006-10-06 15:56:14 · 8 answers · asked by Al 1 in Business & Finance ➔ Renting & Real Estate
It varies from Lender to Lender, a good rule of thumb is 12 months - Some will allow 6 months of part-time employment to be considered into your Debit-to-ratio. (DTI). Can you qualify with out the additional income, or have child support that can be added in. Talk with a Mortgage Broker, one that will answer your ?'s for you.
Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.
2006-10-07 06:14:44 · answer #1 · answered by W. E 5 · 0⤊ 0⤋
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2016-07-22 11:24:51 · answer #2 · answered by Gilbert 3 · 0⤊ 0⤋
This will vary from lender to lender, however, in your best interest it is best not to use your part-time income to qualify to purchase. Many in the lending business will use your part-time income to get you a loan because they want a commission from your loan. Find a lender who is more concerned about doing what is right for you, who will help you develop a long term strategy to increase your net worth, then you will not end up losing the home or your credit.
This site has many free reports that will most likely help you and answer most of your questions -- www.paynotaxesforlife.com
2006-10-06 16:19:02 · answer #3 · answered by Pay No Taxes For Life 2 · 0⤊ 0⤋
12 months. However Countrywide has a program that will allow you to use a second stated income ( don't have to prove) to qualify for a mortgage. You have to have a 620 to use this program and it will go to 100%.
2006-10-06 15:59:38 · answer #4 · answered by karrie r 2 · 0⤊ 0⤋
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2016-11-26 22:13:38 · answer #5 · answered by zollars 4 · 0⤊ 0⤋
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2016-07-09 06:51:39 · answer #6 · answered by ? 3 · 0⤊ 0⤋
Until closing.
2006-10-06 16:00:48 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I'd say a year. because they need to see you are stable in the job.
2006-10-06 15:58:46 · answer #8 · answered by sexylittlemisstweetybird83 5 · 0⤊ 0⤋