Real Estate

Qualifying for Mortgage?

  • Last Updated:
  • May 10th, 2021 12:40 pm
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[OP]
Newbie
May 8, 2021
8 posts
1 upvote

Qualifying for Mortgage?

FTHB looking to buy a condo...I am wondering about likelihood of getting approved for a mortgage given:
  • I am a part time RN - base guaranteed hours only puts my gross income at about 55k but my actual income is around 70-80k (I have T4 for a bit of last year at this new job as well as pay stubs for the current year to demonstrate).
  • I have only been at my current job for 1 year - however, have about 3 years with my previous job (as a full time RN) and another 2 as a PSW
How would all of this impact my ability to get approved? Would I have better chances if my parents were willing to cosign for me? If they do cosign, how substantial of an impact would it be on what I get approved for?

Would appreciate any answers, thanks.
3 replies
Deal Addict
Jul 10, 2014
3007 posts
1280 upvotes
Ottawa, ON
Parthenons wrote: FTHB looking to buy a condo...I am wondering about likelihood of getting approved for a mortgage given:
  • I am a part time RN - base guaranteed hours only puts my gross income at about 55k but my actual income is around 70-80k (I have T4 for a bit of last year at this new job as well as pay stubs for the current year to demonstrate).
  • I have only been at my current job for 1 year - however, have about 3 years with my previous job (as a full time RN) and another 2 as a PSW
How would all of this impact my ability to get approved? Would I have better chances if my parents were willing to cosign for me? If they do cosign, how substantial of an impact would it be on what I get approved for?

Would appreciate any answers, thanks.
Most lenders will likely go on the guaranteed $55k although some will do a two-year average of your last NOAs. The one year shouldn't be a problem even though they generally like minimum two years because the change was within the same industry and thus seen as a promotion. Depending on what your parents make, it could make a ton of difference. Definitely worth looking into.

GL
[OP]
Newbie
May 8, 2021
8 posts
1 upvote
Thanks for the response, appreciate the insight!

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