ON Canada - if the part time has been 3 years, it may be considered. There has to be proof of income on the part time employment. The Notice Of Assessment will be used to evaluate your overall annual income. I am assuming that you have another full time job with this part time. The calculation would be based on total annual income line 150 on your income tax return.

ON Canada - is this a one-time or guarranteed bonus - if guarranteed, then yes, If the bonus is happening in the last 2 to 3 years then yes. One time, it would help especially when a averaging income in the last 3 years.

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My broker just called and said therew is a debt to income ratio problem on the back end. i did the math myself and it is because they aren't counting any of my bonuses into consideration. my bonuses contribute to more than half of my income. will they take a relook since my 1 year aniversery is next week atmy place of employment?

you have to earn bonus income for two years. A lender will consider using bonus income if you have a history of bonus income in the past. For example if you earned bonus at Factory A and you now work for the competition factory B then yes you can use a two year average. The long shot option is to have your loan officer ask the lender if they can use your bonus income but instead of dividing by 12 months, divided bonus income by 24 months. Brian Underwriter for 15 years. good luck.

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My husband just got a new job and he will be starting may 16th. we need to move for this job and so we want to buy a new home when we sell our current one. that may happen before his job starts. will they count his job? also, if not, how long does he have to be with a job for them to count it?

He does not need 2 years on the same job. He needs to show a 2 year history of employment & there are some exceptions to that. Unless he has a contract with the new company, he more than likely will have to produce a 30 day pay history with the new company before you can close on a new home. Talk to a qualified Loan Officer in the city you are moving to. May 16 is not that far off & you have a house to sell & close on. He may very well be 30 days into the job before you are ready to close on a new home.

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Ok please only answer if you know for sure and live in the gta area in ontario. i have been at my job now for a year i am getting married in 1 yr and 4mnths. i will be buying a home in a 1 /12. i was told by a friend of mine that as long as i stay in the same industry (im an insurance agent) that to the bank it will not matter if i start i new job. for example i have been a broker or agent since july 2006 so the bank will count it as 3yrs at that point. is this true???? i have been offered a job and i will not take it if it effects me getting my mortgage. professor wonderful sounds tome that you think that you are just that. how dare you try and judge the person that i am you have no ideal who i am. and thank you for not adding your web site because i would never go to you for a loan for my mortgage anyway. i am a huge believer in customer service and by your very rude and arrogant answer you have non. the only reason that i put the area that i live in, is because people more than often ask

I was once in your situation. Don't worry, everything will work out for you =) A year ago I found this organization that gives people up to $1500 in renter or mortagage assistance! They operate in most US cities, I highly suggest you try to get some of this money. http://www.home-help-assistance.org Good Luck!

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I'm still in college, graduating in 3 months, have a job secured, and want to get a mortgage and buy a house in the new city before graduating/moving for the new job. since my undergraduate student loans have been in deferment for a long time (i'm in my 6th year of grad school)...do they count against me for affordability in mortgage approval? i have no other debt/ no credit card debts, etc.

Luv2: Yes, mortgage lenders will consider your students loans when evaluating your mortgage application. One of the factors in evaluating your qualification for the mortgage is your debt-to-income ratio. Think about it - it's not your income that's important - the lender wants to know how many monthly obligations you have OTHER than your mortgage. Your loans may be in deferment now, but they're not staying in deferment forever. At some point, you have to make the monthly payment on those and on your mortgage, your real estate taxes, your insurance, etc. (Plus all of your other monthly expenses) I'm guessing - since you've been in graduate school for a while - that your loan debt is not insubstantial - so your monthly payments may represent a pretty decent sized financial obligation. Your mortgage lender will certainly want to take a look at that. Do student loans mean you won't qualify? Of course not. If they did, few people in this country would be able to buy a place of their own until they'd been out of school for 10 or 15 years. But will your student loan balances and anticipated monthly payments be considered? Of course they will. Just like any other major monthly obligation that will compete with the mortgage and homeowner costs for the money in your paycheck. (Avoid the common mortgage lender's suggestion to consolidate your student loans - it may make their numbers look nicer, but it'll cost you an arm and a leg in extra loan payments.) Good luck - I hope this helped.

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Hi everyone. my fiance and i are wanting to get a place of our own. we live in ontario, canada. he's turning 20 and has been working at the same company for 13 months (and has alot of previous work experience). i, 19, have never had a real job before- i have babysit for the same family for 9 years though, but i wont/cant count that an actual job. right now, we/he is making $25,000 a year gross. i would like to know how long (roughly) i would need to work to get a mortgage approval(with my fiance)?? p.s. we are looking at a $130,000 apartment. thanks for your responses!! we both have credit scores in the high 780's.

so long as you have a down payment, steady income, and good credit i think the bank would give you a mortgage

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Ok please only answer if you know for sure and live in the gta area in ontario. i have been at my job now for a year i am getting married in 1 yr and 4mnths. i will be buying a home in a 1 /12. i was told by a friend of mine that as long as i stay in the same industry (im an insurance agent) that to the bank it will not matter if i start i new job. for example i have been a broker or agent since july 2006 so the bank will count it as 3yrs at that point. is this true???? i have been offered a job and i will not take it if it effects me getting my mortgage.

it doesn't matter where you live and yes if you change a job it will reflect on you, a mortgage company looks at your income as well as your work history and it does have a huge influence especially in this day and time and market with everyone loosing there job, hang on to what you have till after you buy a home and then make a change.

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I met him in his city while i was on a girl's road trip weekend. prior to having the relationship we were friends for 1 year. he initiated the status change from me being his friend to being his girlfriend. it was decided 1 year ago that whoever could afford a house first would determine where we would live as a married couple. i have three years and counting at my job and a mortgage pre-approval in ne and now he has an even better paying job in il. he now refuses to come to ne and gave me the ultimatum to go to il or end the relationship. he also has not proposed to me & i feel that my leaving my family, closest friends, & work for him merits a commitment like marriage. he does not believe this. i feel that he has gone back on his word and it's causing an incredible heartache at the the thought of ending a relationship with the guy that i thought was, "the one."

That's selfish of him to want you to move! He should be the one moving to where you are! Obviously he doesn't care about you that much, otherwise he'd be willing to do (just about) anything for you.... Keep trying though, try to find a way, love doesn't give up. But if he wants you to move or else he'll end it... hmm... sounds pretty selfish of him. It all depends on how much you think he's worth, and if you really want to be with him. If you do, then persist with loving him, no matter what, because love can break through the wall of distance, if you let it. Hope it helps! Answer mine? http://answers.yahoo.com/question/index;_ylt=Av67LtZgpiRjck78hz5_F_bsy6IX;_ylv=3?qid=20080530190558AAWmH6N

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I am a college senior majoring in accounting. i will graduate with my bachelors (and then on to grad school) in the spring. i have over three years work experience in the accounting field and have recently gotten a full time job with a decent salary. i know that lenders usually look for two years of employment when considering someone for a mortgage, but that it is a common practice (or so i have heard) for them to use college time in place of some work history. i do have student loan debt but it will not be used in my debt to income ration because i am not required to pay it with the next year (a mortgage broker told me that if i get a letter stating that my payments will not begin in the next 12 months then they will not count this debt). my question is how long will i need to have my job before i could qualify for a mortgage. i have had a similar job for the past three years, but it was very part time. my new salary is nearly nine times what i was making before. to use my time in college in place of work experience will i have to wait until after i graduate? i do have a decent down payment and i am familiar with the normal debt to income rations and the amount i can qualify for...i will be trying to purchase an inexpensive home.. i also have a good credit score (its about 750 and i am only 24). thank you for any info about this! thank you js just what i was wondering. and i have looked into fha loans extensively and their website says i must show 2 months of pay stubs and that sounds great to me! js- do you know if i have to graduate first to use my previous college experience? or can i still be in college?

You need to be in your present job for over 6 months before you can qualify for a mortgage. You only have to prove present pay for 2 months, not present job, that is 6 months.

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Basically, we want to move to another house. a great deal is left on our mortgage, and we aren't sure if we will be able to sell it for enough to cover that. but i could take out a loan if need be, to pay it back (the mortgage is in my mom's name and i have excellent credit and very high credit limits that other companies have trusted me with). her job has a website where you go to it and get pre-approved for wells fargo and one or two other companies that their credit union uses. i'm not sure if her income will be enough to get another mortgage before we even try to sell our current house. we have a dog and that's rough to figure out where to put her. half of the houses we've looked at don't have a fence. we'd also need a place to live, and if we sold our current house...that'd be interesting. we'd be working a good bit and wouldn't have time to put up a fence, etc. so it would be good if she could qualify for another mortgage while still keeping the current mortgage until we can sell the house. i'm concerned about her lower income, and wondering if they'd approve it. there's no possibility for me to cosign with her, because i don't want my name on it until it's paid off...i'll want to get my own house someday. she's had a mortgage in her name for a very long time. her myfico was 719 when we checked it. low income in the 20'sk/year...i'm thinking that won't work. but what are the chances of her pre-approval for another mortgage of about 60k-75k through her job's credit union? i help her pay a lot of stuff...but of course they won't know that and can't count my income. does it hurt her credit a lot if we try to do pre-approvals?

Every time you apply for a mortgage/loan/credit card, Your credit report gets a hit. I suggest going to only one reputable company & sticking with them. Most all lenders follow the same guidelines, and based on income, credit history & obligations, you will get similar answers, but they will offer you different programs, e.g. conventional or fha. Do work on selling your home first before you do anything else, or maybe work with your current mortgage on a loan modification. I understand dogs, children, (been there myself many of times, & also w/clients). Work with a good real estate agent and work out the kinks.

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We have been in a contract for our home since march, we were supposed to close on june 16th, but it was pushed back. we found out we can close tonight, and i quit my part time job exactly a week ago. my mortgage company said they will call me back and i still haven't heard anything...did i just lose my house?! btw the job wasn't counted into our approval amount because i hadn't been there long enough...

If the job was not considered then it doesn't matter if you have the job or not. You just needed to schedule the Closing.