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Mortgage advice!

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Well-known member
Jan 11, 2002
OK, I know this has little to do w/interviews but more people look at this site.
I am waiting to start w/SWA. Probably May. Currently unemployed, seperated from the military. I want to relocate to Orlando and now that I need a mortgage it would appear that the best I can do is based on SWA FO 1st yr salary, which should get me a nice shed. You guys and girls must know how to encourage a lender to up the amount based on SWA rates of increasing pay. Having been a nomad for 16 yrs I want to settle down and not think about moving in 1-2 yrs. I'm looking for any advice, preferably sensible, but humor much appreciated.

Pegasus :)
Have you considered entering into a "rent to own" arrangement with a seller? You agree to a year lease with a (small) percentage of the rent going toward a down payment IF you buy and kept by the landlord if you don't. When you can qualify for the mortgage, you could formalize the sales agreement and cease renting. No move involved.
You have a few options:

1. Shop around and find a lender that will "work with you" and use your future employment with SWA and their pay scales to qualify for you for a certain loan amount. Don't be surprised however, if many lenders are unwilling to do this.

2. You can also find lenders that will loan you money without verifying your income!! These loans are more expensive (higher interest rates and fees), but they get you the money you need and into a house. Once you're working and start making the "big bucks" you can refinance with something more conventional.

E-mail me at [email protected] if you want more info. Good luck.
I'm in the same boat. I've been working with USAA/ PHH Mortgage and they've been great. I told them what my training pay and first year pay would be and was approved up to $202k. They wouldn't lend more based on future income though. They said they have to have verifiable income from your next employer and a copy of your contract prior to your closing date. It will get the ball rolling for you.

Best of luck,

As you have seen, lenders will typically not approve you for an amount based on future earnings. Even after that probationary year, future earnings are too risky. If your wife works, that will definitely help. Put off buying anything on credit until after you get your loan approved. Also, don't be surprised if lenders aren't interested in you until you have started training. You aren't employed until day one.

Fish around to see what you can find, USAA if good, but their rates and fees tend to be a little higher. I just went through this whole process and ended up using www.Fairfield-Financial.com. They are based in the southeast and are used to working with airline pilots.


I am a furloughed Delta Pilot now working for Reliance Mortgage in Dallas as a Loan Officer. I agree with the above post. Most lenders are are not going to give you a loan based on future income. But you would be suprised at how high they will let your debt ratio's go. 50+% is not uncommon with good credit.
No Income Verification or Stated Income is an option. This means you just state what ever income it takes to get the house you want. They do not confirm it. They only confirm that you are employed. The interest rate penalty is not that bad. And some lenders will not even penalize you if you have good credit and put some money down.
Now for the sales pitch! I can do loans in most states and would be glad to see if I can get you a good deal. Or if you are already working with someone, give me a call and I can at least tell you if you are getting a good deal or not. In fact, anyone who wants to buy or refinace call me. Pac Smith
[email protected]
Thanks to all

Thank you all for your inputs. I am now a lot more hopeful of avoiding that shed, keeping my wife and making the transition. It is great to know that there are people who will go out of the way to help a fellow pilot (wipes away a tear).
I intend to follow up all of these suggestions and I really appreciate your time and effort putting fingers to the keyboard. Those of you going to SWA, I owe you a beer. The others, thanks again. Hope I can help out if ever I can.


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