1 year worth of w-2
I have a conventional, senior level job. Been employed over a year. I only have one year w-2, can I get a loan on that (Income is 95k).Credit rating is 727 on Experion last time I checked (a week ago). I have found1 lender that will willingly take 1 years w-2. The rate is 4.75, however, I ony have about 7.5 percent for the down (property offer would be around 440k, with the most recent assesment at 785k) and I think the PMI rate seems a bit high. Any suggestions? by Mylisali from Temecula, California. Mar 31st 2011
Richard Glover (rglover)
#35 ranked lender in Illinois - 69 contributions
I recommend getting the seller to pay a portion of you closing cost and using those funds for a one time up front mortgage insurance premium that eliminates any additional monthly costs. There is some risk based pricing out there that will lower the amount based on your score. Or, perhaps you go to 95% financing and allocate the remaining funds to improve your monthly payment via a variety of ways including the rate, MIP or combo! That 2.5% is not going to lower your payment much when you compare the figures.
Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions
FHA would be your only viable choice with 5% down instead of 3.5% your MI would be less. You can't be too picky about rate and mortgage insurance with your scenario. The assessment does not have anything to do with today's value. .... Happy funding, Rudi
Hugh Duckett (duante.duckett)
#12 ranked lender in Maryland - 10 contributions
Mylisali did you look into doing an FHA loan. The mortgage insurance is cheaper with less money down. I also can do the loan with 1 yr worth of W2s. Call me 1800-735-0525 x 6304H. Duante DuckettSr. Loan Officer
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