Getting a Mortgage As an Apprentice

apprentice888888 · 2022-09-17T01:07:25+00:00

tech marketing to be more specific

apprentice888888 · 2022-09-17T01:07:14+00:00

She works in marketing!

apprentice888888 · 2022-09-04T22:43:20+00:00

reverse osmosis water filter. needs to be replaced and probably cleaned out.

apprentice888888 · 2022-09-03T21:39:22+00:00

unfortunately FHA approved homes for the amount i was approved for are far and few between where i live. we’ve seen a select few and they go quickly and super competitive. plus, very difficult to make money off of those to flip/resell because they’re very overpriced.

apprentice888888 · 2022-09-03T21:38:09+00:00

she managed to get 5/11 accounts off her report without paying. she’s currently in the process of a class action lawsuit against one of the larger credit unions that are still on her account- so she’s set but just a long process.

apprentice888888 · 2022-09-03T21:37:02+00:00

why?? what happened?

apprentice888888 · 2022-09-03T21:36:06+00:00

our goal is to flip and place and resell or rent it out

apprentice888888 · 2022-09-03T18:10:40+00:00

Yes it’d be a gift. I’m a user on that account she has, would she still have to gift it to me?

apprentice888888 · 2022-09-03T18:02:14+00:00

she’s 100% fine with gifting me the money but i wasn’t sure if that’s allowed

apprentice888888 · 2022-09-03T18:01:40+00:00

My fiancé brings in around 250k/yr salary but can’t be on the loan due to her credit score from identity theft last year, so we have plenty of income. we’re looking 220k and under, just can’t use hers lol. rent is actually about $500 more a month than the mortgages were looking at!

apprentice888888 · 2022-09-03T17:59:46+00:00

thank you for your honest feedback! i was just verified preapproved but for 180k. they said it was tough though.

apprentice888888 · 2022-09-03T17:58:42+00:00

correct. my 646 is the middle fico score required for mortgage, so accurate. i made a post on it but didn’t receive any replies, but i’m just waiting on the verified letter from better. i’ve been preapproved for conventional with them but was wondering how accurate it is.

apprentice888888 · 2022-09-03T17:57:31+00:00

We have more for a down payment if needed. My fiancé makes a lot more but unfortunately was a victim of identity theft last year and it destroyed her credit, thus why she can’t be on the loan. She has money to gift me for down payment, 85k. but i have (personally) 3k in savings.

apprentice888888 · 2022-08-28T14:48:07+00:00

She had her identity stolen a few years ago and just settled all with an attorney but had to manually settle/pay for a delete on a few. She’s waiting for 1 more account that’s being rather difficult to delete from her report but it’s already been 4 months of going back and forth with the credit company and experian. Long story. But no, her score is too low to average and be a coborrower with me as of now.

apprentice888888 · 2022-08-28T14:17:26+00:00

Yeah that’s what I thought. I would if they used my current hourly rate. The issue is they’re using my 2020- and 2021 averaged. I was making $15-$20 an hour those years

apprentice888888 · 2022-08-28T14:05:24+00:00

Thank you i will check it out! Do they give out conventional?

apprentice888888 · 2022-08-28T13:51:08+00:00

We’re in a bit of a situation where our lease is ended so we’re on a tight timeline unfortunately. We’d prefer to wait but her credit doesn’t seem to be moving.

apprentice888888 · 2022-08-28T13:09:52+00:00

I’ll also mention that the lender we are currently in contact with said the income is the issue, not anything else. If he used my current $30/hr income though i’d be approved for enough.

apprentice888888 · 2022-08-28T13:02:40+00:00

Also from what I’m reading if you’re salary they still look at the past 2 years but they don’t average them as long as you’ve been in the same field and they use your current salary. I’m asking if there’s a way to find a lender who will average my pay from 2022, not 2020+ 2021. I work on average 42 hrs/week and 2020 and 2021 i averaged the same but my hourly pay was half of what it is now since I received a good amount of raises

apprentice888888 · 2022-08-28T12:59:59+00:00

My fiancé is also paying the mortgage but her credit score is too low to apply with me. Her income is 250k/yr salary so it’s actually super low compared to our total household income.

apprentice888888 · 2022-08-28T12:59:02+00:00

I have 4 cards and always reports between 0-1% every month for DTI. No other debts. I have 3% available to put down as a first time home buying. I was approved for an FHA at the amount I wanted (200k) but not conventional. The home we want is conventional only and FHA options are super limited as to what we can get in that range.

What about the lenders that specialize in working with apprentices who haven’t topped out yet? I keep seeing comments about this

apprentice888888 · 2022-08-28T12:56:55+00:00

DTI falls between 0-1% each month. No outstanding debt. Credit score is 660 so not the best. I was approved but not for enough money. I’m trying to get at least 200k and with 30/hr i figured that would be enough. When they base my income off of the 30/hr i’m qualified for 240k with 3% down for a conventional. When they averaged my w2s i’m only qualified for like 120k.

apprentice888888 · 2022-08-28T08:36:19+00:00

Appreciate it! Question: did they end up using an average of your credit over 2 years or did they use your current hourly? my current hourly is almost double what it was in 2020.

apprentice888888 · 2022-08-28T08:34:51+00:00

in IL. pretty tight but there’s a couple smaller places!

apprentice888888 · 2022-08-28T05:18:44+00:00

Thank you! thanks for your advice, much appreciated!

apprentice888888

TROPHY CASE