pilot mortgages
03-26-2021, 11:17 AM
#182
Gets Weekends Off
Joined APC: Jul 2015
Position: ce560
Posts: 231
Another buddy of mine just recommended Trident to me and I came across this thread while researching.
Im concerned about my leaves last year during Covid. I’m with a ULCC made $150k in 2019 but only $98K in 2020 due to all the leaves I maximized.
I’m starting upgrade class in a few weeks so pay will be $200k plus. My local credit union say that won’t matter because they go off of my W2s when considering income.
We have a very low DTI and great credit, however the credit union would only approve us for $400K and were looking at homes in the $500k range.
They basically said my income is only $125K a year.
We thought $500K would be pretty conservative given my captain salary, however my wife and now are feeling pretty discouraged. Seems like Tridents underwriters seem more open and understanding?
Im concerned about my leaves last year during Covid. I’m with a ULCC made $150k in 2019 but only $98K in 2020 due to all the leaves I maximized.
I’m starting upgrade class in a few weeks so pay will be $200k plus. My local credit union say that won’t matter because they go off of my W2s when considering income.
We have a very low DTI and great credit, however the credit union would only approve us for $400K and were looking at homes in the $500k range.
They basically said my income is only $125K a year.
We thought $500K would be pretty conservative given my captain salary, however my wife and now are feeling pretty discouraged. Seems like Tridents underwriters seem more open and understanding?
03-26-2021, 11:29 AM
#183
Line Holder
Joined APC: Jun 2013
Posts: 26
Originally Posted by singlepilot
Another buddy of mine just recommended Trident to me and I came across this thread while researching.
Im concerned about my leaves last year during Covid. I’m with a ULCC made $150k in 2019 but only $98K in 2020 due to all the leaves I maximized.
I’m starting upgrade class in a few weeks so pay will be $200k plus. My local credit union say that won’t matter because they go off of my W2s when considering income.
We have a very low DTI and great credit, however the credit union would only approve us for $400K and were looking at homes in the $500k range.
They basically said my income is only $125K a year.
We thought $500K would be pretty conservative given my captain salary, however my wife and now are feeling pretty discouraged. Seems like Tridents underwriters seem more open and understanding?
Im concerned about my leaves last year during Covid. I’m with a ULCC made $150k in 2019 but only $98K in 2020 due to all the leaves I maximized.
I’m starting upgrade class in a few weeks so pay will be $200k plus. My local credit union say that won’t matter because they go off of my W2s when considering income.
We have a very low DTI and great credit, however the credit union would only approve us for $400K and were looking at homes in the $500k range.
They basically said my income is only $125K a year.
We thought $500K would be pretty conservative given my captain salary, however my wife and now are feeling pretty discouraged. Seems like Tridents underwriters seem more open and understanding?
Luis Terrazas
[email protected]
03-26-2021, 11:54 AM
#184
Line Holder
Joined APC: Aug 2013
Position: 737 FO
Posts: 29
Originally Posted by singlepilot
Another buddy of mine just recommended Trident to me and I came across this thread while researching.
Im concerned about my leaves last year during Covid. I’m with a ULCC made $150k in 2019 but only $98K in 2020 due to all the leaves I maximized.
I’m starting upgrade class in a few weeks so pay will be $200k plus. My local credit union say that won’t matter because they go off of my W2s when considering income.
We have a very low DTI and great credit, however the credit union would only approve us for $400K and were looking at homes in the $500k range.
They basically said my income is only $125K a year.
We thought $500K would be pretty conservative given my captain salary, however my wife and now are feeling pretty discouraged. Seems like Tridents underwriters seem more open and understanding?
Im concerned about my leaves last year during Covid. I’m with a ULCC made $150k in 2019 but only $98K in 2020 due to all the leaves I maximized.
I’m starting upgrade class in a few weeks so pay will be $200k plus. My local credit union say that won’t matter because they go off of my W2s when considering income.
We have a very low DTI and great credit, however the credit union would only approve us for $400K and were looking at homes in the $500k range.
They basically said my income is only $125K a year.
We thought $500K would be pretty conservative given my captain salary, however my wife and now are feeling pretty discouraged. Seems like Tridents underwriters seem more open and understanding?
Cheers!
Jon
03-29-2021, 04:44 AM
#186
Gets Everyday Off
Joined APC: Aug 2016
Position: Relaxed
Posts: 6,929
Originally Posted by 123494
On the topic of mortgages, do you guys have any rules-of-thumb to determine home affordability? I'm one to live in a smaller house regardless of income.
03-29-2021, 09:33 AM
#187
Banned
Joined APC: Jul 2017
Posts: 894
Originally Posted by TransWorld
Old rule of thumb is no more than 28% of gross income to mortgage payments, no more than 33% to all loan payments (mortgage, car loan, etc,)
03-29-2021, 10:15 AM
#188
Line Holder
Joined APC: Aug 2013
Position: 737 FO
Posts: 29
pilot mortgages
Originally Posted by 123494
On the topic of mortgages, do you guys have any rules-of-thumb to determine home affordability? I'm one to live in a smaller house regardless of income.
Fannie and Freddie won't approve above 50% DTI on a conventional and VA I've seen go up to 62%. It's all driven by the automated underwriting results when going above 41-43%. A manual underwrite is usually 36%. Bottom line is technology has driven higher risk profiles. Small mortgages are best done through a bank/credit union vs Wall Street.
Jon
Last edited by Flyaf05; 03-29-2021 at 10:27 AM.
03-29-2021, 02:19 PM
#189
Gets Weekends Off
Joined APC: Feb 2015
Posts: 319
Originally Posted by 123494
Thanks. I'm deciding whether my next home will be paid in cash or a small mortgage.
Why? Mortgages under 2.5%? That's basically free money. Get a mortgage. Deduct the interest on your taxes. Put your cash to work elsewhere.
03-29-2021, 04:06 PM
#190
Gets Everyday Off
Joined APC: Aug 2016
Position: Relaxed
Posts: 6,929
Originally Posted by Broncos
Why? Mortgages under 2.5%? That's basically free money. Get a mortgage. Deduct the interest on your taxes. Put your cash to work elsewhere.
You certainly get more than 2.5% (less tax savings) in your investments. If you can’t, you need a good financial planner to help educate you.
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