My wife and I are beginning to look at real estate. We are interested in finding a nice place to stay for many years to come. So we are looking for a fixed low rate 30 yr mortgage. I have been at my employer for over 7 years and it's quite stable. My wife has owned a home before, which recently sold last year. Both of our credit scores are excellent. First question is about my wifes employment. I know that lenders typically like to see steady employment. My wife is a recent gran from a dental hygiene school and has began working recently. But for the last two years she has had no income, with the exception of rental income from her house that recently sold. She was in the dental filed for years prior to going to school but in a different capacity. What kind of effect does this make on our ability to secure good loan rate?Second question. She currently works on a temporary basis as do many dental hygienists, some weeks she works 16 hours, some weeks she works more. She hopes to find a permanent position soon of course. Does this hinder our ability to secure top notch loan/rate?Thrid question: We are looking at houses in the $300k range. Currently we could afford to put roughly 15 percent down. Is it worthwile to buy now and have to pay the MI or is it advantagous to wait several months to try to save up the 20 percent? Not sure how much the MI is each month.Thanks for any advice.
Seattle,WA | Jan 5th 2011
by vtec107
Answer
by Al Lane
First of all it is a gtrat time to buy while rates and prices are both low. additionally it sounds as though we could use your wifes income however I would like to talk to you more in-depth about it. There are many loan programs available to you and If you would like please give me a call on my cell 360-901-1023 anytime. We are a located here in WA and look forward to talking to you soon. Jan 5th 2011
Before you choose your loan you should review a couple different options that could be a postive solution for your family. Rates are still pretty low and home prices are flexible in this market. If you have five minuets just shoot me a call and we can go over everything top to bottom. MI is almost like a swear word in this business for a lot of people. You may have a way around it, have a great day and I look forward to speaking with you soon. Jake Franich MLO-267208 Sound Mortgage inc. 253-432-4237 Jan 5th 2011
by Rob McA...
Happy new year...and congratulations on your decision to buy a house while rates are low and prices are affordable. I will do my best to address your questions. 1. Since your wife has been in school the past few years the gap of employment wouldnt necessarily be an isse, but she would need to be working in the field she studied...which it sounds like she is.2. The fact that she is a temporary worker her income could be more difficult to use as a lender may not be comfortable using her income when her employment is temporary. I think it would be best to have her work on finding a permanent job even if its not full time. 3. The 20% down payment is not necessary. based on what you have provided you would be looking at a mortgage insurance payment around $90/month which isnt much versus the time it may take to secure an additonal $15k. With rates going up the extra cost for the mortgage insurance may be cheaper than the rate you will find later this year with a larger down payment. I hope this was helpful. If you have specific questions please give me a call or email. 206-935-1625 Rob Jan 5th 2011
by pwetter...
Hello, my name is Pete Wetterhall of Valhalla Capital Corp. To answer your question(s) regarding your first time home purchase in Seattle, WA: I can get you pre-qualified for an FHA 30 year fixed at a rate of 4.875 APR paying zero in points. As long as your spouse is working in the same industry in which she went to school (Dental Hygienist) then the FHA will allow us to use her average monthly income. Also, the rate is lower for an FHA loan, and the mortgage insurance is not substantial because you are putting 15% down. Again, I can get you pre-qualified for an FHA 30 year fixed at a rate of 4.875 APR paying zero in points. Please apply on line at http://yourdreams1.web-loans.com. Thanks!!! Jan 6th 2011
by FundingNow
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