Credit Card Center Advertiser Disclosure

New Contributor
Posts: 64
Registered: ‎07-20-2010
0 Kudos

I want to buy...

im young.  i have about 30k saved up.  i was pre approved by bank of america for 139k.  i dont make alot of money.  my w2 for 2010 only reports a gross income of around 29k'.  since then i have gotten substantial raises.  i gross close to 850 a week now and i should expect another raise in a couple months.  i know banks are strict with lending.  should i wait until my new w2 reports my new earnings before i apply?  would a bank accept 30 pay stubs of a new income plus verified letter from accountant?

i also have a father with alot of equity who is willing to tap into it to help with a down payment.  his credit score is close to 595 tho...very bad i know...however he has a great business thats been around for 40 years and a house thats worth 450k with only 80k outstanding on his mortgage....he was gona transfer his house in my name so i can access the equity but i dont think its that easy?!?  if i wanted to use equity to help with dp he would need to apply and gift me the money??? his credit would need to be approved before thats an option???  im looking at houses in the 140 to 160 range.  i was pre approved for that amount based on my earnings that are far less then what they are now....i woud need the dp money to pay the dif between my approval amount and price of property

Super Contributor
Posts: 8,706
Registered: ‎09-28-2007
0 Kudos

Re: I want to buy...

If you received a raise then yes you'd just need to show a paystub reflecting the new rate of pay and that likely will be able to be used as your qualifying income - no letter from an accountant is required but the employer will likely need to verify the recent increase(s) so the underwriter can understand why your income is more than it was before when you still work the same amount of hours per week (paystubs for the past 2 years can also prove that to an underwriter).  So if you went from, I'm just making stuff up, $12/hr to $18/hr, then they would take the $18/hr multiplied by the average hours worked per week.  But if the increase in income was due to you working extra OT, etc. then that is always averaged over a 2-year period.


Yeah you can't just be added to your dad's house and refinance to take cash out - you need to be on title for at least 6 months in the situation you are describing.  You may want to use some of the information you've read here at the FICO forums to help out your dad's credit.


Have you looked into down payment assistance programs?  Where do you live?

Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime) since 2002, based in Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.