Started new job recently , can I buy a home?

MichaelSeawright · Joined: 09 Jan 2008 Posts: 1 1.44 Dollars($)

My wife and I would love to buy a home in a few months. We have been married 7 years and she has been at the same job for all of those 7 years. I stayed in the same profession for the first five years of our marriage, then we both decided that I would go to school full-time and take care of the kids while she worked. Now I have finished school and started a new career (which I love) and make more money than ever before. So, I would like to know if it would be possible for us to be approved for a mortgage even though I haven't had my job very long? We have great credit and very little debt (one visa card), both of our vehicles are also paid off. Thanks for any advice.

larry · Joined: 27 Jun 2007 Posts: 3245 460.30 Dollars($)

Hi MichaelSeawright,

Welcome to the forum.

I think you can be approved for mortgage quit easily as you do have good credit and your debt to income ratio is high. If both of you can't approve you can take the loan on your wife's name as she has been at the same job for all of those 7 years and you can be the co-owner.

Feel free to ask if you have any further questions.

Best of luck,
Larry

michelle · Posted: Wed Jan 09, 2008 7:48 pm Post subject:

Welcome to the forum, MichealSeawright

Congratulations on finishing your education and finding a job you love.

If your current job directly relates to your recent degree, many lenders will allow you to include your income for qualifying purposes (provided it is not a commission position). If you do happen to be on commission, then you would need to qualify primarily on your wife's. If you are paid base plus commission, they would only allow you to use the base portion.

Please let us know if we can answer any other questions.

Best of luck to you.

banker0679 · Posted: Wed Jan 09, 2008 10:37 pm Post subject:

depends....if you're paid hourly they will require you to be full-time..and to show proof of 30days of income.
if you're paid salary they may take an offer letter..and you work at least 1day.

if you're paid commission they will require 2yrs of employment

gmakerley · Posted: Fri Jan 11, 2008 11:01 am Post subject:

right on, banker.

michael, you don't get penalized for changing careers generally; though, as you can see from banker's comment, commissions changes things.

sounds like you're in a good place.

lisascherzer · Joined: 04 Jan 2008 Posts: 599 69.58 Dollars($)

Hi Michael Seawright,

You will not be penalized for changing careers as long as you have a combination of 2 years of education and job time for this new career. Lenders do consider education for a new career as part of the 2 year same line of work requirement.

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