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re: Mortgage Question: Spouse changing jobs before applying
Posted on 5/2/14 at 7:00 pm to MNCscripper
Posted on 5/2/14 at 7:00 pm to MNCscripper
quote:
I didn't put my wife on the mortgage, just on the title
Did this hurt you at all? My wife has bad credit for some previous mistakes but has her act together now (thanks to me). I have mid 700 credit so hers would probably bring my down. We rent and have never owned but will own in the next year or 2.
2
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).
Posted on 5/2/14 at 9:10 pm to CHiPs25
quote:
Did this hurt you at all?
Nope, made my credit score go up and get a lower interest rate
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