Watch out for The Compliance Income Trap on First Time Home Buyer Loans - Mortgage Broker Boston

Watch out for The Compliance Income Trap on First Time Home Buyer Loans - Mortgage Broker Boston. The Credit Pull Trap

Watch out for The Compliance Income Trap on First Time Home Buyer Loans - Mortgage Broker Boston video duration 2 Minute(s) 33 Second(s), published by Phil Ganz on 10 03 2015 - 15:29:37.

http://bostonmortgageglobe.com Thank you for watching my video! I wrote the script nine months ago but never produced the video for various reasons

http://bostonmortgageglobe.com Thank you for watching my video! I wrote the script nine months ago but never produced the video for various reasons Learn more http://www.introabc.com http://www.MtgMinute.com In this Mortgage Minute, The Credit Pull Trap, I warn about the trap of having your credit pulled too often while comparison shopping .

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Thank you for watching my video!

I wrote the script nine months ago but never produced the video for various reasons. Then this weekend I was at a first time home buying class and heard a story of how a purchase fell apart because a customer made too much money on a first time home buyer loan

I am going to discuss how to avoid the Compliance Income trap so your loan does not fall apart

First time home buyer programs have income caps. If you make too much money you will not qualify for first time home buyer programs.

First let me explain What Compliance Income Is. Compliance income is projected income till the end of the year. It is not your actual income.

If you get a bonus, commision, overtime any income source that when you divide your income by the number of months you have worked and times by 12 the number of months in a year puts you over the cap you will be disqualified from a first time home buyers loan.

If you are disqualified for a first time home buyer loan The worst part is if the income has not been stable for two years you might not be able to use the income. In situations where you were disqualified for making too much money you might not qualify for conventional financing.

The best way to handle is to discuss and plan a strategy with your loan officer.