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LNCHBOX
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Member since Jun 2009
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Question about using fiancée's income when buying a home

My fiancée has been working her present job for the past 3 weeks, which is her first real job since graduating this year. I've been at mine for 3 years. How long approximately would we need to wait before we could consider her income? Thanks in advance.


C
LSU Fan
The Woodlands, TX
Member since Dec 2007
23184 posts
Online

re: Question about using fiancée's income when buying a home
quote:

before we could consider her income?

Personnaly, I'd wait until this changes.
quote:

My fiancée


Otherwise I assume you are already living in the same city and have no prospects of moving in the next 5 years. Go for it if you have no concerns...


Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
22311 posts

re: Question about using fiancée's income when buying a home
I agree with the marriage thing.

On the job security end, you aren't guaranteed shite so might as well count it. If properly prepared for that eventuality of course
This post was edited on 9/6 at 1:11 pm


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LNCHBOX
LSU Fan
70001
Member since Jun 2009
27186 posts

re: Question about using fiancée's income when buying a home
We get married on two months, and we live together already. We just started looking at houses since she began her career, and we are seeing a few things we would like if we were able to get qualified for it. Can't do it on my income alone, so that's why I was curious how long before I could count here's with mine.

ETA: So I guess my first question should be could I go to a financial institution and use both our incomes to get pre qualified right now?
This post was edited on 9/6 at 1:14 pm


Powerman
LSU Fan
Corpus Christi, TX
Member since Jan 2004
121818 posts

re: Question about using fiancée's income when buying a home
I'd advise you to get something that you can support on your income only

Use her income to build savings


LNCHBOX
LSU Fan
70001
Member since Jun 2009
27186 posts

re: Question about using fiancée's income when buying a home
quote:

I'd advise you to get something that you can support on your income only

Use her income to build savings


We can afford it on my income, I just have student loans that lessen the amount of house we could purchase.


Ace Midnight
LSU Fan
Between sanity and madness
Member since Dec 2006
39811 posts

re: Question about using fiancée's income when buying a home
quote:

Can't do it on my income alone, so that's why I was curious how long before I could count here's with mine.


Varies from lender to lender - 6 months to a year is normal.



Ace Midnight
LSU Fan
Between sanity and madness
Member since Dec 2006
39811 posts

re: Question about using fiancée's income when buying a home
quote:

I just have student loans that lessen the amount of house we could purchase.


Pay those off.


LNCHBOX
LSU Fan
70001
Member since Jun 2009
27186 posts

re: Question about using fiancée's income when buying a home
quote:

Varies from lender to lender - 6 months to a year is normal.


This is the kind of info I was looking for, thanks.


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LNCHBOX
LSU Fan
70001
Member since Jun 2009
27186 posts

re: Question about using fiancée's income when buying a home
quote:

Pay those off.


Not happening before I buy a house.


Ace Midnight
LSU Fan
Between sanity and madness
Member since Dec 2006
39811 posts

re: Question about using fiancée's income when buying a home
quote:

Not happening before I buy a house.


Okay - not going to nag you about it. Are you looking at 15-year options for the mortgage at least?


Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
59129 posts

re: Question about using fiancée's income when buying a home
Anybody notice about 5 different things wrong in this thread from a financial standpoint?


Ace Midnight
LSU Fan
Between sanity and madness
Member since Dec 2006
39811 posts

re: Question about using fiancée's income when buying a home
quote:

Anybody notice about 5 different things wrong in this thread from a financial standpoint?


I'm trying to help the guy - not change his life.

1. We presume he's going to marry the gal before they buy the house together, so that fixes an obvious one.

2. He's got student loans that are "unpayoffable" before he buys the house - I understand that, I still do that - pay both.

3. She's only been working for 3 months (maybe she's young).

4. He can't qualify because the house he wants pushes him outside of the LTV/DTI numbers his lender wants to see and needs her income to get there.

5. He didn't say, but I suspect he doesn't have much of a downpayment, so he's going to go non-traditional financing and pay PMI.

There's probably more.

Again, I'm trying to help the guy, not change his life.


LNCHBOX
LSU Fan
70001
Member since Jun 2009
27186 posts

re: Question about using fiancée's income when buying a home
quote:

Okay - not going to nag you about it. Are you looking at 15-year options for the mortgage at least?


I plan to pay enough to have it paid in 15 years, but will do a 30 year term just in case something unexpected comes up.


quote:

1. We presume he's going to marry the gal before they buy the house together, so that fixes an obvious one.


Getting married in 2 months, don't really see why this is an issue.

quote:

2. He's got student loans that are "unpayoffable" before he buys the house - I understand that, I still do that - pay both.


I mean, I wish I made enough that I could pay them off before considering buying a house, but that's just not an option.

quote:

3. She's only been working for 3 months (maybe she's young).


She is a fresh college graduate. She has an extensive work history, but has only been in her career job since she graduated. I don't see the issue here either, everyone starts somewhere. And it's not like I'm expecting her salary to pay for everything.

quote:

4. He can't qualify because the house he wants pushes him outside of the LTV/DTI numbers his lender wants to see and needs her income to get there.


I really don't get the issue with combining our income to purchase a home. Our finances are combined in every other way, why not this one?

quote:

5. He didn't say, but I suspect he doesn't have much of a downpayment, so he's going to go non-traditional financing and pay PMI.


This is true, and while I'd like to be able to wait. I'm not letting $150 a month for a few years keep me out of a house. It's a decision we are OK with based on our current living arrangements.

quote:

There's probably more.


I'm not looking for what is the best case scenario financial decision. Unfortunately no one has given me a giant nest egg, and I didn't start out making 6 figures, so 20% is just not realistic.

I appreciate the responses.



Golfer
LSU Fan
Member since Nov 2005
60062 posts

re: Question about using fiancée's income when buying a home
quote:

Anybody notice about 5 different things wrong in this thread from a financial standpoint?



This is the same board that told me I was a fricking idiot for co-signing my wife's loans for her to go to an out of state school and live apart from me.



Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
59129 posts

re: Question about using fiancée's income when buying a home
quote:

This is the same board that told me I was a fricking idiot for co-signing my wife's loans for her to go to an out of state school and live apart from me.


Financial life and real life are sometimes a completely different animal.

ETA: This makes absolutely no sense. And I wrote it.
This post was edited on 9/6 at 3:14 pm


guttata
LSU Fan
prairieville
Member since Feb 2006
20383 posts

re: Question about using fiancée's income when buying a home
I wouldn't consign for my wife's student loans for grad school. What happens if she dumps me? I don't want to have to pay off her loans. Plus, her having loans in her own name helped her build credit and also pretty much guaranteed that she would work after school.


Golfer
LSU Fan
Member since Nov 2005
60062 posts

re: Question about using fiancée's income when buying a home
Good Lord.


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Cold Cous Cous
LSU Fan
Member since Oct 2003
14116 posts

re: Question about using fiancée's income when buying a home
Plus, they get educated, they start getting uppity. Seen it a thousand times.


LSUtoOmaha
LSU Fan
Nashville
Member since Apr 2004
21843 posts
Online

re: Question about using fiancée's income when buying a home


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