More qualifying questions

[trc1962]

Posted here the other day and have a few more questions. I have a low income but nice stash of cash in an account (100k). I have had work in the teaching field for many years, although not always full time. I owned a home I sold 8 months ago and because I owed very little I have the sum of cash. My credit report is bumpy, but improving daily. I am working a full time schedule in a city where I work 5 days a week as a substitute teacher. It is a contracted position, although it is as needed and I have been needed every day. I am hopeful I will be hired this spring in a more full time poistion. Will a mortgage company consider that I will be putting down a large down payment so that my house payment is very small?. I pay $1000 month rent now and have had no problem with that. I will also have the remaining money invested, but with a portion always available should an emergency occur I could easily make my payment. I am not talking a dream home, but a basic home for myself-kids are in college and don't live at home much and I am a no frills person. I am thinking of $125k house with a substantial down payment. I am trying to get into a home and be paying into something of equity. Thanks for your thoughts.

[BrianB_The_Loan_Professor]

All of those compensating factors are considered however they will not be enough to get around the need for stable income - unless you have been subbing for a very long time and can show the income for a couple of years none of it will be allowed - however if you get a full time assignment then you will be ready to get a mortgage

Good Luck

B