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re: Mortgage Question: Spouse changing jobs before applying
Posted on 5/2/14 at 7:56 pm to CHiPs25
Posted on 5/2/14 at 7:56 pm to CHiPs25
I approved a friend's fiancé with her first paycheck stub, a written and verbal VOE (Verification of Employment) and a copy of her degree from LSU she just graduated and received.
The key is not length of employment. It's consistency of employment. Is your work history riddled with time spent not working? Or did you leave for consistent work one job after another. Also, will she be taking a paycut? That will affect the maximum loan to value (LTV) that you qualify for. If she takes a raise, good. If it's a cut, them the question is how deep? Your Debit To Income needs to be below 45% to do most anything prime/conforming (meaning getting a good rate on your loan).
The key is not length of employment. It's consistency of employment. Is your work history riddled with time spent not working? Or did you leave for consistent work one job after another. Also, will she be taking a paycut? That will affect the maximum loan to value (LTV) that you qualify for. If she takes a raise, good. If it's a cut, them the question is how deep? Your Debit To Income needs to be below 45% to do most anything prime/conforming (meaning getting a good rate on your loan).
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