So I have a prequalify letter with a mortgage company through a LO. But here is my situation:
My income x 2 years is $70,000. I am only at my current job for 1.5 years right now though. Even though, I switched jobs, still working in the same field. Savings have about $15,000. Credit score is lender pulled equifax 675 experian 656 and transunion 636. I have 2 collection ccs that are paid in 2008 and 2 medical bills that are paid in collections from 2008. No late payments x2 years. 4 credit cards with a total bal of 850 total credit limit of the 4 cc is 2500. Monthly car payment of $475 bal is $18,000 and student loan bal of 50,000 with a monthly payment of $300. I am trying to get approved for a mortgage of $227K (seller pays closing cost) with a down payment between 3.5 to 5%. I am wondering if this loan will be approve in underwriting. I don't want to put myself through the stress of it all if not.
I was told that I should only use the base pay of my income which would be 60K because I have not been at my job for at least 2 years. I work as a nurse and was told that my bonuses and differentials and overtime can't be use until after I have been at my place of employment for at least 2 years.
Any information would be appreciated. Thanks!!!
Accepted by who, current live ins or Bank.
I offered on a house over 2months ago that still shows as pending. Have heard notta from Bank. Current owners accepted the offer. Bank tossed offer in trash.