Profile picture for leelaferngitt

Husband is changing industries, will it be possible to get approved for a mortgage?

My husband is about to go back to school to pursue a different industry. He will make substantially more money in his new industry and will be done with school in two years. We would like to get a house in two years. We would love to be able to afford a $200,000-$240,000 home. We can put 10-15% down, have great credit, and together after he switches industries will make about $85,000-$90,000 a year. However, I do have a lot of student loan debt - about $60k which I pay $500 a month towards. No car loans. My husband will have about $40k in debt after he finishes school. While my husband is in school, he will only be able to work part time so he will likely only make $15,000 for the next two years - making our combined annual income around $55,000. What are our chances of getting approved for a mortgage after he graduates and gets a full time job in his industry? How long would he have to be at his new job before we apply? How much will it hurt us that he is changing industries? 
  • July 27 2014 - Atlanta
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (2)

After graduating and getting a well paying job he will most likely only need to show the job offer letter and a months worth of paystubs.  Getting prequalified is key, wait until he has a few months in the job then speak to a few lenders and see what they will qualify you for.  Do this before you start looking at houses so you know the right price range.  Once you are ready to buy, make sure to get a preapproval and have your down payment.  Good luck and my best for your future.
  • July 31 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If his compensation will be W-2 he can qualify using his base salary. Some Lenders will require 1 or 2 pay stubs, we will close with 1 day on the job. 
  • July 27 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.