First time home buyer with several questions in Seattle WA
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. by vtec107 from Seattle, Washington. Jan 5th 2011
Rob McAllister (Rob McAllister)
#5 ranked lender in Washington - 48 contributions
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
Sarah N. Montes (FUNDINGNOW)
#60 ranked lender in Texas - 13 contributions
Our lender is very flexible with DTI's, we can qualify you based on your income alone. We only require 5% Down at a 5% Int. Rate ~ Fixed @ 30 yrs.We are Funding Now! Email us to set up an appointment for a quick application over the phone.FundingNow@Live.com
Dave Skow (daveskow)
#15 ranked lender in Washington - 453 contributions
*depending on long she has been earning / working as a " temp " - this income may or may not be usable for qualifying .......assuming worst case that it isnt ....will your income be ample to qualify ? if you are Ok with your income alone and your scores are fine - you should be able to secure very good rates/ fees ** look into becoming pre approved for the 15% down 300K purchase scenario .....there are several strategies for loans with this down payment and you can compare and contrast these in pre approval process thanks and all the best ...Dave Skow ...Eagle Home Mortgage 206 714 9745 daveskow@eaglehm.com
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