I'm looking to buy a house and I want to try to lock in a good interest rate before they raise up again. I have excellent credit. My question is will I be able to qualifiy if my income is "unsteady at the moment"?
I make between $38,000 and $42,000 per year depending on the market demand. So some years we have a lot of overtime and other years we will be shutdown for 6 to 9 weeks depending on the market.
Unfortunately we are currently in a slow market and have been having a lot of shut down weeks recently. Also when they do shut down they never shut down more than two weeks at a time.
Will I be able to qualify for a mortgage? Will this raise my interest rate since I don't show consistent income or will they just qualify me for a lower mortgage amount?
I'm assuming in a normal circumstance I would qualify for $100,000 but the houses I'm looking to get are in the $65,000 anyway and the mortgage loan would only be $52,000. I have a 20% down payment and good credit (765 credit score) but currently unsteady income. If I do buy a $65,000ish dollar house I'd have about $15,000 left in the bank specifically for expenses. My monthly expenses would be a total of $1850 per month.
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