Re: The mortgage pre-approv
02-23-2012 07:17 AM
I've got pre-approved for $120,000 on 30y mortgage with exp 695 equi 678, and tans 712 scores, this is without my wife. Will that amounts remain the same when I find a house, and actually apply for my mortgage?, what if the house I want is 5 or 10 thousand dollars more than my pre-approval amount?
My wife has only had credit for almost a year, thats why I didnt include her in the pre-approval application, the officer told me she would need a score of 620+, and surprisingly, when I checked her credit, she had exp 700 equi 710, and trans 730. If I include her in the equation, will my interest rates and loan amount change in a positive effect?
Will it be easier to get approved?
The officer asked for my information while the pre-approval, he asked me for 2 years of emplyment. I gave him 1 year with my current employer, and a year with my last.
That, is not necessarily true because I was only working for my last employer for 6 months, that leaves me with proof for a 1-1/2 years of employment.
I know he will check my w-2 forms and find out, it also depends on how long I take to find a house, because if it takes me 6 months, they I've got all I need right?
My job before my last, was a cash job so I cannot report it, and I was not collecting unemployment. Is there any way around this mess?
My wife on the other hand has 5 years of employment to show!
The 3.5% downpayment, I posses in cash. The officer said I could not use it because I cannot prove how I earned it. So he said, give to a family member, and have them right you a personal check for the amount that states it is a gift for your new home, as long as they have that kind of money already in their bank account.
Will this work?
Thank you very, very much for your time!