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Hi all new to post but love to be a lookie loo on the forums. I have a question for all the Loan Pros out in the Dallas area. I currently live in SoCal, single parent 2 kids, and I am looking to move for more space. My questions are, if I live and have been employed at my current job for Errs, but want to buy in the UDF area, can I stay at my current job and use them as my Employment and move when I close escrow with only 5% down. Second if I have to move and find a new employer, how long do I need to be on the job before I will requalify for an FHA type loan, say there is no laps in employment and same type of work at similar to higher wage. Third, my scores are all around 630 right now but are completely based on my CC usage, so they just keep increasing around 10pts each month as I pay them down. Also my monthly expenses are around $460 so I believe I be within my 12% after PITI for back end ratio. I can also have my 3 months Mortgage in savings from a relative as a gift but can have it season for over 6 months so it doesn't look like a gift. How tough will it be for me to qualify for a loan for around 125k-150k making over 48k a year, but using the 8000 credit, in a bridge loan that has just extended, as my closing costs. I really would like to sing before the end of April 2010, I am set on getting out of this area, since you need to have 2 incomes just to rent 3 bedrooms around here. All the help I can get would be very greatly appreciated. Also for all you dallas loan guys I am looking into the North Dallas/Plano/Frisco area so I may be coming to meet with you if it all works out.
If you aren't transferring with th old company that job will not work for income. The u/w WILL want a transfer letter.
Guidelines call forminimum one paystub from new job. <= It will have to be in the same line of work.
the only acceptable form of a loan on the tax credit would have to be done thru the state of Texas(per fha guidelines)
best to just use the gift monies for closing costs/down payment since fha doesnt require reserves and replenish savings with the tax credit
i always recommend applying sooner than later. as the loan officer can simulate a few things in the software and advise you on what to focus on to strengthen the file.
credit is good for 90 days. it would have to be pulled again to extend.
and i have had several people get preapproved 'subject to' the new job and paystub. it is very normal.
dont rule out mckinney/allen areas.
i live in plano... and will be looking up there next time we move