First time buyer, confused!

[Anonymous]

Also, I got a 45 cent pay raise effective the most recent check. I got the check stub yesterday. I'm wondering.. is this enough to worry about mentioning to the LO? It adds only about an extra $1,000 per year. But I figure it couldn't hurt to mention it because it would only make my debt to income ratio that much better right? Thanks, Tim

[DallasLoanGuy]

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timl1987 wrote:
Also, I got a 45 cent pay raise effective the most recent check. I got the check stub yesterday. I'm wondering.. is this enough to worry about mentioning to the LO? It adds only about an extra $1,000 per year. But I figure it couldn't hurt to mention it because it would only make my debt to income ratio that much better right? Thanks, Tim

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it may make a difference....

btw, starkey is a solid lender. real pros work there and wouldnt be any part of some kickback scheme as has been suggested by some people who think they know something about this business.

your realtor sent you to starkey because they close loans.... they dont 'say yes' and then try to figure out how to get it done later

[Anonymous]

Thanks Dallas, that is reassuring to hear, although I already suspected they were reputable because they are handling things in a very professional manner. Monday I plan on letting the LO know about the pay raise. There is one thing that I'm a bit worried about though. Am I correct that I'm suppose to have at least three lines of credit that are at least 12 months old all in good standing? I have the credit lines all right, and they're all in good standing.. Never been late on any..but only one is over 12 months old, it's a credit card.. then I also have a car loan but it's only 8 months old, will they count that anyway? My other three credit cards are all only a few months old. Will they count my rental history? I've been living in an apartment for almost a year and a half , paying $700 a month. Never been late and my name is on the lease. I also have an electric bill and cable bill in my name but have been late a few times on those. The cell phone and water bill and insurance are all in my fiance's name. Thanks, Tim

Message Edited by timl1987 on 06-14-2008 08:04 PM

[Anonymous]

BTW, when I say I've been late on my electric and cable bill, I've never had them cut off or anything.. For example, the electric bill may be due on June 4th but I might not pay it until June 25th .. but always before the cut off date. Could I still use one of those if necessary? They are both over a year old.. And I've also only been on my job for one year and 10 months. Will be 2 years at the beginning of Sept. Is this going to prevent me from getting an FHA loan?? I will probably have been on the job for 2 solid years by the time everything is said and done.

Message Edited by timl1987 on 06-14-2008 08:09 PM

[DallasLoanGuy]

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timl1987 wrote:
Thanks Dallas, that is reassuring to hear, although I already suspected they were reputable because they are handling things in a very professional manner. Monday I plan on letting the LO know about the pay raise. There is one thing that I'm a bit worried about though. Am I correct that I'm suppose to have at least three lines of credit that are at least 12 months old all in good standing? I have the credit lines all right, and they're all in good standing.. Never been late on any..but only one is over 12 months old, it's a credit card.. then I also have a car loan but it's only 8 months old, will they count that anyway? maybe they will use it as a 4th to bolster the file My other three credit cards are all only a few months old. Will they count my rental history? it will be required. I've been living in an apartment for almost a year and a half , paying $700 a month. Never been late and my name is on the lease. I also have an electric bill and cable bill in my name but have been late a few times on those. The cell phone and water bill and insurance are all in my fiance's name. Thanks, Tim

Message Edited by timl1987 on 06-14-2008 08:04 PM

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[DallasLoanGuy]

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timl1987 wrote:
BTW, when I say I've been late on my electric and cable bill, I've never had them cut off or anything.. For example, the electric bill may be due on June 4th but I might not pay it until June 25th .. but always before the cut off date. Could I still use one of those if necessary? we are only concerned that they werent 30 days late. They are both over a year old.. And I've also only been on my job for one year and 10 months. Will be 2 years at the beginning of Sept. Is this going to prevent me from getting an FHA loan?? I will probably have been on the job for 2 solid years by the time everything is said and done. what did you do before this job?

Message Edited by timl1987 on 06-14-2008 08:09 PM

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[Anonymous]

Assistant manager at a Pizza place before this job for 2 years... been working for a sub contractor company of BNSF Railways for 1 year and 10 months.

Message Edited by timl1987 on 06-14-2008 08:51 PM

[DallasLoanGuy]

you need  2 more months employ

[Anonymous]

So since my loan is already in manual underwriting , does that mean that they're going to turn us down for the loan because I'm two months shy of 2 years? We may as well cancel our appointment to view the house tomorrow then. How disappointing.. I feel like giving up now.

[Anonymous]

I don't understand why they don't tell us this stuff to begin with? The LO who took all of our information knows exactly how long I've been working at my job.. If they know that there has to be 2 years of solid employment, then why don't they tell you this from the beginning instead of making us go through the waiting and wondering just to be turned down.

What happens if we get turned down for the FHA loan? Would we be able to wait six months or so and gain a little more employment time and then try again?

Message Edited by timl1987 on 06-15-2008 03:19 PM