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New home construction question
Posted on 2/28/19 at 7:50 am
Posted on 2/28/19 at 7:50 am
My wife has been in college for the past couple years and working just part time while getting her masters. She is now finished school and in the process of accepting a new job while working her old job with increased hours since school has been done since December.
When the new job begins our household income will increase very significantly to the tune of 75% more. How long should we wait to apply for a new construction home loan after she begins working the new job?
I’m concerned with our current income level we won’t be approved for the amount we want vs waiting until a few of her new job checks start rolling in. I just don’t know how long we should wait.
When the new job begins our household income will increase very significantly to the tune of 75% more. How long should we wait to apply for a new construction home loan after she begins working the new job?
I’m concerned with our current income level we won’t be approved for the amount we want vs waiting until a few of her new job checks start rolling in. I just don’t know how long we should wait.
7
Posted on 2/28/19 at 8:06 am to Simon Gruber
When they ask for proof of income, they will have a specific request. I'm trying to recall, but I think it was like 2 months of pay statements when I recently got pre-approved. I don't think they really look for a few years of history or anything.
Posted on 2/28/19 at 8:14 am to Simon Gruber
Like the poster said above, a lot of the time they will ask for 2 months worth of paystubs.
Without knowing more about your current situation, I would hold off as long as possible. The more time you have with your new income the more you will be able to save and have a better feel for how far your new income will get you.
Just because you have a larger income doesn’t mean you have to spend it all. That being said, if you’re in a crappy area, expecting children and need more space, etc...then do what you have to do.
Without knowing more about your current situation, I would hold off as long as possible. The more time you have with your new income the more you will be able to save and have a better feel for how far your new income will get you.
Just because you have a larger income doesn’t mean you have to spend it all. That being said, if you’re in a crappy area, expecting children and need more space, etc...then do what you have to do.
Posted on 2/28/19 at 8:19 am to Simon Gruber
She's coming out of college. You can supply the offer letter to the mortgage company along with paystubs once she begins work. Just document the paper trail for the mortgage company.
Posted on 3/2/19 at 7:19 am to Simon Gruber
Do you have 20%+ to put down? I can see the bank not being so worried about this if you can put a big chunk down
Posted on 3/2/19 at 8:07 am to Simon Gruber
Depends on what the household income will be made of. If you both are “employed” and get paid wages, probably 2-3 months paychecks. Sometimes proof of funds letter from your banking institution for large chunks of cash you will be using for down payment. If either of you is self employed be prepared for 2 years of tax returns and a lengthy process. If this is the case, find a local loan officer (a referral is usually best) you can form a relationship with. That way they can communicate or clear up any uncertainties with underwriting. If your income is pretty basic, so will the approval process - just shop rates in that case.
Posted on 3/4/19 at 11:39 am to Simon Gruber
Your wife would need to be on the job for at least 6 months, it's common for needing a 2 year work history. Since she was in college, it's counts as work history. The 6 months would show income history needed to get approved.
Posted on 3/4/19 at 2:37 pm to tigers1988
Requiring 6 months work history for his wife seems arbitrary.
Posted on 3/4/19 at 7:39 pm to Simon Gruber
Different ways to do what you are thinking about. This is a good resource
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