All Forum Posts by: Sung Pyo

Thanks Chris, but wouldn't I have to get a letter of explanation and have a huge down payment (more than 25%) as my last year's tax return does not show the raise in my w2 income? And when you mentioned overlays, you meant I can get approval even if I used major lender with overlays?

Hi, I'm about to get a huge raise and was wondering if it would be a good thing in getting a mortgage or not. My wife and I had AGI around 75k last year (2016) with mix of W2's and some 1099's. Last year, I had about 24K from W2 and I am about get a huge raise (around 200%) due to the promotion from years of work in the same company I was working for. My current affordability is around 250k (moderate) to 350k (aggressive). I want to buy a house priced between 400k to 500k. I can use 70k to 150k for down payment. Is getting a raise a good thing in getting a mortgage to buy house in the next 2-3 months or it'd be better to wait for the next year or so to build up a solid income history and then try get the mortgage later?