I am in the process of getting approved for a loan. I have a signed contract sales price of 152k with 4k back for closings & prepaids. 5% down conventional loan. So loan roughly around 144k. I am married but my husband won't be on loan or deed (sales tax liens, self employed low income reported, high van payment, lower scores than mine) Mortgage broker has asked for last two pay stubs and 2 years w-2. My concern is:
my w2 for 2012 was only $11,740. I was in school receiving my masters degree. I am a teacher. I received a contracted position that started late August. So my income for 2012 is for late August to December.
2013 my income was $37, 631k
My last check for this year 2014 put my gross at $42,946. However I have not recieved a W2 yet. My closing date is January 30th, 2015. I should have a new W2 by then, my employer is pretty fast about that.
My last two pay stubs (biweekly pays) were 1721.09.
The mortgage broker doesn't seem to think there is a problem with getting approved. But I am concerned. How will my income be calculated?
Additional info:
I have a contract for July 1, 2014 to June 30th, 2015 for 44748.
I have a contract for July 1, 2015 to June 30th, 2016 for 48771.
Not sure if that matters...I could see it helping under manual underwriting.
CREDIT info - I can't remember exact scores 690ish for all 3. I have one AFNI medical collection for 375 hurting my score from 2009 first reported 2013. Can't get PFI delete so leaving it. Mortgage guy says it doesn't need paid. I don't want to tank my score.
6300 credit card debt on 30,500 minimum payments 165
Student loan payment of 99.80
total montly mininums 265
no car loan - owned outright
first home purchase
Taxes around 4100 a year. Holland, Ohio.
