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Employment question

Posted on: 15th Mar, 2012 02:02 pm
Hi there,

I'll try to make this short. My wife and I are hoping to buy our first home in the next year. She has been self employed for the past two years, and I have had a full-time job for the past 3 years. Her business is growing very rapidly, and I'm thinking of leaving my job to work for her full time. I'm convinced that I can very rapidly increase the company's income, and I should be able to pay myself roughly what I've been making for the past 3 years at my job. My question is whether leaving my current job to work for my wife will hurt our chances of qualifying for a mortgage (We will have at least a 15% down payment), and I don't think we would really have much of a reduction in income, if any. TIA.
Hi Nesta,

It might be difficult for you and your wife both to qualify for a loan when you're self employed. I will suggest you to apply for a loan when you are employed. This will help you in employment and income verification when the lender asks for it. You may think of leaving your job once you get the loan.

Thanks
Posted on: 15th Mar, 2012 08:48 pm
Welcome Nesta,

I agree with James Hogg's opinion. If you leave your job now, then there can be problems in qualifying for the mortgage. Moreover, you will need 20% down payment in order to qualify for a conventional mortgage. If you don't have that amount of down payment, you may have to go for a PMI (private mortgage insurance).
Posted on: 18th Mar, 2012 08:09 pm
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