goodyweaver
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Posted: Wed Mar 23, 2011 6:06 pm Post subject: Questions on USDA loans
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Oh my gosh - finding these forums is a godsend! Thank you in advance for any help you might be able to offer!
My husband and I are thinking of buying a home in a year or so when he finishes school. He's an electrician and is doing an electrical degree to enhance his marketability. What he REALLY loves, though, is farming, so we're hoping to get a few acres so he can grow heirloom vegetables and garlic. I found out recently about the USDA rural home loans, which sound perfect for our family. We live in PA.
The questions I'm hoping you can help me with:
-When lenders consider the loan amount, do they base it on the last year of your income? My husband got a job in September making around $50,000, but prior to that he was making about half as much. We were hoping that if we wait to buy a house until next fall, they would use his current income to figure the loan amount, rather than averaging his prior year income with his new income. Is this right? He is a full-time employee, but is paid hourly - will they use the last 2 years of his income in this case? Since he previous income was so low, I guess we'd have to wait an extra year to apply if they won't consider his current income alone.
-I'm wondering, how do student loans factor into loan amount approval? Do they just consider the monthly payment amount?
-I have very large student loans (around $100,000) which are on the income contingent plan, making my payment currently $0 (they can never go above 20% of our discretionary income, but usually less, especially while we have 3 minor children). They aren't deferred - they are permanently on this plan. My husband's loans will be much lower than mine - maybe $20,000. If my husband applies for a loan without listing me on the application, will they still consider my debt, or just his? I'm a stay at home mom, so I don't have any income to add to our application anyway.
Thank you again for any help! I'm hoping we can start the loan process this summer, rather than having to wait another 18 months!
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 smithsussane
Joined: 18 Sep 2008
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Location: Alaska
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