Mortgage News

Friday's FAQ's!

December 5th, 2014

  • We are interested in purchasing a home.  I am a partner in a business that is located on the west coast.  We have VA eligibility, this would be our primary home.  We are from the area, and my wife has health issues, so we want to be near family.  Where do we start?  If you are coming to the area, are you retiring?  Are you able to work remote for your business?  How much time do you need to spend on the west coast and how much time do you plan to stay here?  We need more details first, but this makes some sense.  We would start with pre-qualifying you.                
  • We are purchasing a home for 570,000, it will be our permanent home.  We want to only put 10% down.  Can we do this?  What are our options?  Yes.  You can either look at one loan 90% with mortgage insurance, or we can also look at an 80-10-10.  We would need to see what makes sense for you.                                 
  • I receive commission income.  How long do I need to have received commissions before I can pre-qualify to purchase a home?  It depends.  If you are planning to use conventional lending, you would need two years federal tax returns to establish the income as stable.  If you use FHA, you may qualify in less than two years, but you would need to have approximately 18 months to also illustrate stability.

Please feel free to contact me with any questions you might have.  I look forward to working with you and your clients.  Please remember, I am licensed in Virginia, North Carolina and Florida.

Jennifer Keenan, Sr Mortgage Consultant, NMLS# 101837

Tidewater Home Funding,  757-272-4199