Step Two-Employment and Income

If you have had your credit pulled, or you know that your credit is good (over a 660 middle score from a mortgage source), then it is time to consider your employment and income. Investor's are looking for job stability. That doesn't necessarily mean you have had to be at the same company for the last 10 years, but they do want to make sure that if there has been any changes in the past two years that it was for good reason. If you just went from being a warehouseman to a car salesman, you will probably need two years of history before they will consider your income. But each case is different and you should talk to your lender about it. In the new conservative world we live in, it is best to take a two year average of your income. Now if that income includes Bonus or Overtime a written verification of income from your employer will need to be requested by your lender. The reason is that the overtime and bonus income has to be verified as usual and customary. A one time bonus or a season of overtime (that does not happen every year)will not be used to help you qualify.
Stay tuned for more "how to" information.

Step One

To kick off 2012 I would like to help more people attain their goal/dream of home ownership. The first step you should take is finding out what your credit looks like. Credit plays a huge role in the approval process. Not only can bad credit keep you from purchasing, but simple issues like disputing accounts can cause delays. Also, credit scores that used to seem perfect are now not considered as "perfect." Scores as high as 740 can still pay adjustments in their rate or fees to the investors.
There is so much to find out, that you should be talking to a reliable lender months before you consider shopping for your first, next, investment or second home. Getting a full picture can help make the loan process much easier.
Feel free to contact me through my website or via comment on my blog about finding out more about your credit.