Mortgage Payment

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Know Your Mortgage

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Mortgage Market Survey

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Mortgage Rates at Record Low

One bit of positive fallout from the debt-ceiling deal reached earlier this week: Mortgage rates have fallen to levels that are at or near record lows.

That's a boost for the US housing market, which is still struggling to recover from the after-effects of an epic boom and bust.

Interest costs on a 30-year fixed-rate mortgage averaged just 4.39 percent this week, according to housing-finance giant Freddie Mac. That's the lowest level this year, and down from 4.55 percent a week earlier. (Those interest rates are for loans in which the borrower also pays a "points" fee of about 0.8 percent of the amount to be borrowed.)

Mortgage Rates

Mortgage rates rallied again today and consumer borrowing costs drifted a little lower.

Deciding whether or not to lock a loan between now and the "high-risk" event on Friday is pure speculation (Employment Situation Report). If you know how that's going to turn out ahead of time and how the market will react, or if you just don't mind losing money in exchange for the chance to lower your rate a bit more, power to you! The way we see it though, if yesterday was nuts, today may be time to consider how you'll hoard your nuts.

Length of Employment to Obtain Mortgage

There isn't really a hard and fast answer to this question. It depends on several factors and I'll address them one by one.

1. How is your compensation structured? If you earn 100% salary it's easy for an underwriter to calculate and predict your income in the future. However, if you derive a substantial part of your earnings from bonus or commissions, you'll have to be able to show a history of this kind of income for it to be counted in your debt-to-income ratios. If 25% or more of your income is commission or bonuses, you are pretty much self-employed as far as underwriters are concerned -- like the self-employed, you'll need at least a 2-year history of this compensation to get credit for it (note: that doesn't mean that you have to have been at the same firm but you do have to have worked in the same capacity and the same industry).

2. How long have you worked in that field? Your history with a specific company is less important than your experience in the field. If you have been a CPA for decades it matter less that you are now at Acme Company instead of AAA Industries.

3. How is your contract structured? I got people approved for loans when they had new jobs that they had not even started yet. In one case, the applicant was a new college football coach who had a guaranteed 5-year contract and a ten-year history of coaching college-level sports.

4. What are your prospects? Just out of college and working your first job? That may not be a problem if you are in the right field and with the right credentials -- for example, a med school grad with a hospital job or a new lawyer working for the state government.

5. How's your overall pattern? People with new jobs who demonstrate a pattern of repeated job changes with no advancement have a much harder time getting approved for mortgages. And these days, those in troubled industries will have challenges too. Underwriters are tasked with determining the likelihood of you remaining employed as part of your income analysis.

6. What are your compensating factors? These are items that help overcome a recent job change -- your wife's employment is one of them. others are excellent credit, assets (enough to pay your bills for several months if you were to lose your job), and a solid debt-to-income ratio.

On the other hand, if your employment history is spotty, you have barely enough saved for a down payment, your credit is mediocre, and your income just enough to qualify, your recent job change will be more of an issue. Here is what FHA's underwriting guidelines have to say about income stability:

"We do not impose a minimum length of time a borrower must have held a position of employment to be eligible.  However, the lender must verify the borrower's employment for the most recent two full years.  If a borrower indicates he or she was in school or in the military during any of this time, the borrower must provide evidence supporting this claim, such as college transcripts or discharge papers.  The borrower also must explain any gaps in employment spanning one month or more.  Allowances for seasonal employment, such as is typical in the building trades, etc., may be made if documented by the lender.

To analyze and document the probability of continued employment, lenders must examine the borrower’s past employment record, qualifications for the position, previous training and education, and the employer's confirmation of continued employment.  A borrower who changes jobs frequently within the same line of work, but continues to advance in income or benefits, should be considered favorably.  In this analysis, income stability takes precedence over job stability."

USDA Loan Eligibility and Qualification Criteria

USDA loans confer some special benefits. There is no down payment requirement. In addition, the interest rate may be subsidized for those with very low incomes. The loans are made more affordable because they feature 33 year terms. You qualify for USDA loans by purchasing property in designated rural areas (and that doesn't necessarily mean the boonies. Many neighborhoods just outside larger MSAs are still considered rural by the USDA.

USDA Rural Development administers a couple of  programs: Guarantee and Direct.

Their Direct program is funded directly (hence the name “direct”) through the rural development office. To be eligible, your income can be only 80% of the median income for the area.

The Guarantee program is funded through USDA-approved lenders and brokers. It is a guarantee program (like FHA and VA) with no subsidies, and the income guidelines allow up to 115% of the median income after certain adjustments. A good loan officer who specializes in these products should be able to help you determine how your income would be considered.

The 100% LTV mortgage amount is determined by the appraised value of the property.

Credit underwriting is flexible and the guidelines have no minimum buyer out-of-pocket expense and no maximum for seller concessions. Note: some lender policies may be more restrictive, so if it’s the lender guidelines shooting down your application and not the USDA’s,  another lender may be able to approve you.