Pre-approval letter in the mail

[Teasha]

Hi all! I need some help, I've tried to find the info in other already posted messages but wasn't successful.

I just opted back in recently and have started getting pre-approval letters in the mail. My husband and I are planning on buying a house in the first quarter of 2013. Id be interested in speaking to a rep if this is a legitimate assessment of my credit information. I have excellent credit but have a short history. We haven't applied for pre-approval earlier because I can't produce 2 years of w2's. (independent contractor 1099) for the last 15 years Jensen the reason why we were waiting till early next year.

Is this letter feasibly a genuine offer?? I know this would require financial assessments and a HP to know for sure but I'd like to know the odds.

Hope someone can give me an idea...Am new to the mortgage forums

[webhopper]

I would be very wary of any mortgage pre approval offers you get in the mail.
so I'm guessing that you are a w2 employee now?

More info please

[Teasha]

Yes! Sorry for the long delay. I've been  W2 employed for 16 months. My previous employment was in the same field but as a 10.99, I only showed a very small income.

I've read it's possible to be underwritten, it was a lateral move but could it be done with this short of a W2 employment history? All 3 Fico scores are in the mid to high 700's.

I also just applied for and received a car loan, so I'm not sure if it would be a good idea to go forward with anything till I'll put 6 months history on that. Would that be correct?

Any help would be appreciated.

[webhopper]

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@Teasha wrote:

Yes! Sorry for the long delay. I've been  W2 employed for 16 months. My previous employment was in the same field but as a 10.99, I only showed a very small income.

I've read it's possible to be underwritten, it was a lateral move but could it be done with this short of a W2 employment history? All 3 Fico scores are in the mid to high 700's.

I also just applied for and received a car loan, so I'm not sure if it would be a good idea to go forward with anything till I'll put 6 months history on that. Would that be correct?

Any help would be appreciated.

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Seems like you'll be able to apply in 2013 as soon as you get your new W-2. 

They will average out the W-2s to come up with your "annual gross income"  but actually they'll probably go by your tax transcripts as well to come up with your gross income.  The only way you can know is to talk to a mortgage banker.

I don't think the age of the car note is going to hurt you real bad considering how strong your score are.  You are definately qualified for a mortgage... Might be able to qualify for an FHA with only one year of W-2 income