Hey there, my wife and I are first time home buyers an looking to buy. But we have a little bit of a dilema. I recently got a substantial raise in my income but it is not reflected on my current w-2′s. Without this increase in my income we probably would not be approved for a home loan. My emlpoyer said that the earliest I could receive my new w-2 is mid december. My wife and I don’t really want to wait till then unless we don’t have a choice. Is there anyway that lenders will accept paystubs or some other form of verification or do we need to wait it out?
Hi, I am in the UK if it makes a difference. I have a buy-to-let mortgage already, and was looking to get another one for a house to live in. i know they normally quote you as say 3 times your salary as to what you can get for a normal mortgage, but what difference does it make having a mortgage already?
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HOW CAN A REGULAR GUY LIKE ME BUY MORTGAGE NOTES?
The difference is that you have the debt there so it effects your debt to income ratio to some extent since you have the income coming in and are paying taxes on it, right?
Your mortgage should be no more than 25% of your take home pay each month on a 20-30 year mortgage with 20% down. That assures you of keeping your home and actually have some ownership in it.
The problem with all these calculators is that they predict your borrowing power way above what you can comfortable afford for a house payment. Your take home pay is all you have to spend each month those taxes are gone and not spendable each month.
Good luck.
You can buy Mortgage Backed Securities using a mutual fund, or you can buy an individual MBS. Ginnie Maes are gov’t guaranteed.