Purchasing a home while temporarily having one salary

Back in the crazy old days of lending (i.e. 2005) I was in a similar spot as you, and they approved us for four times the salary stated on my offer letter. They did not consider anything for my wife.

Now, a side question: Do you really think it's a good idea to sign up for a mortgage when you don't know what amount of income your wife will have, and you are dealing with a new kid? Maybe rent for 6 months to a year until all that settles down?

I'm not overly concerned about the house note. I'll be paying everything off of my salary anyway. I have been for the past 3 years. My wife's income just goes to paying her student loans off as fast as possible. The kid will add to our monthly expenses, but we are saving a good bit right now, so I feel we are in good shape.

If I don't include her on the loan, then will the student loans not show up as one of my debts? If that's the case, then it really doesn't matter. we are only looking for a 250k house and I should be making close to 120k without bonuses. It's just that with her salary of 50k that she has now, we would feel comfortable looking at 300k houses.

Also, I'm not concerned about her finding a job either. She has her masters, has won awards from our current chamber of commerce, is on every committee I can think of. And if she doesn't, we have a years salary saved. I just know it will take a few months to get straight once we move and would rather make the transition as easy as possible with the baby on the way.