@learningcredit101 wrote:Hey guys sorry if theres a thread similar to this but i have a couple of questions regarding what loan officers look for when you apply for a mortgage loan. First, how many years in a particular job is enough for them to consider that you have steady employment? Second, Does income overshadow a credit score? For example lets say i have 750's across the board but my income in around 30k a year. My last question which is kinda misc. is do instalment loans like student loans that were paid off satisfactorly stay on your report forever? Thanks in advanced guys.
...paid off loans will stay on your report for ~7.5 years unless you can get them removed earlier with GW letters ...if there were no negatives reported on the loans, they are normally a positive and should be left alone ...if there were negs, the older they are the less effect they have.
...if you live in a rural or light suburban area, USDA makes zero down loans for single family homes ...a 30k income or less will get a direct loan in most areas and they are easier to qualify for and generally have better rates ...you just have to meet location/max income/etc standards ...check out their site for maps and info.
...income is a separate consideration from credit scores ...you have to meet the credit score criteria first ...then income will determine the max size of the mortgage you can qualify for ...and then the income/debt ratios fine tune that number
...one other consideration is that at 30k income level there are many state/local government programs to help with down payment/repairs/etc ...hth
@StartingOver10 wrote:(mainly due to tax write off's). ...it's a little bit more complex to fix. IME
...how I love the Infernal Revenue Service, let me count the ways ...1) uuhhh 