Skip to main content

USDA FHA or Conventional?

When I was looking last year, I was using a job offer letter (from state gov) to qualify, which the lender didn't seem to mind. Now, though, I have been in that job 10 months and will be due for scheduled raise in September that bumps my salary $4,000. I've also applied for a promotion that, if I'm chosen, will bump me up $11,000. The outcome of the promotion should be decided by end of July.

I also have a 2nd job I work on weekends that brings me about $14k/yr which I've worked for 7 months now. I am hoping to use this income towards my loan. I am ideally trying to move sooner rather than later because I have a 2hr round trip commute at the moment that is really wearing on me.

My question is: which type of loan will allow me to use income from both jobs, despite having been at neither for a year? I obviously have proof of consistent deposits from both. Is it better to wait til my scheduled raise in September? Or (fingers crossed) til I get accepted for the promotion? I have 4% DP for the max price I'm looking at and obviously can put down more if the price is lower. The entire area I'm looking at is qualified for USDA so that's what I'd like to shoot for, but I'm not sure of their eligibility requirements. I want to take advantage of any sort of 0 down, or DPA, or anything else that I'd qualify for so whichever loan provides the best opportunity is the one I will use.

submitted by /u/BrightNature5683
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/14e30zy/usda_fha_or_conventional/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Pool fill without engineer oversight

We are in the process of purchasing our first ever home in CA and we just discovered in the disclosures that the new build property we are purchasing previously had a swimming pool which was filled without an engineer onsite to approve the work (details from disclosure below). Is this something we should be concerned with or not? Is it something we should have additional inspections conducted on? We are originally from the UK and not really sure what to do with this information and if it is concerning or not. A POOL DID EXIST PREVIOUSLY. COPING, TILE, GUNNITE AND REBAR WERE ALL REMOVED AND DIRT AND CLEAN DRAIN ROCK WERE USED TO FILL IT IN. COMPACTED FILL WAS NOT USED AND NO ENGINEER APPROVED THE DIRT AND DRAIN ROCK FILL IN submitted by /u/tommot82 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/dpyzw8/pool_fill_without_engineer_oversight/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more