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Moving from out of state

My husband and I owned our own business and took owner drawls. Didn't cut ourselves a check. We are looking to relocate from our current location (FL) to the suberbs of Chicago and were told we wouldn't be able to purchase a home for at least 2 years due to income. We sold our business and he would be starting a new job making about 70,000 a year. We would also have about 100,000 to put down on a home. Is the 2 year "rule" true? It is making us second guess our move. Thanks!
  • August 30 2013 - South Miami Heights
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Answers (4)

That advise is sort of true.  The salary can be used right away if guaranteed, but commission requires a 2 year history.  It may be hard to use any of the self employment income if you sold the equipment side of the company because you don't have a 2 year history of just brokering for clients, plus you're moving out of state.  Your best bet of qualifying now would be to see what you can get approved for with just strictly your husband's new salary (he will probably have to get his first paystub prior to closing on a new house as well).
  • August 30 2013
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You should be fine since he will be in the same line of work. The only thing that may restrict your loan amount (buying power) could be the commission income. However, there should be no issue in using the salary. If you need any info re the Chicago suburbs, please feel free to contract me via my profile.
  • August 30 2013
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Salary plus commission. Yes, it is in the same line as our business. We sold the equipment side of our company, but continue to broker for our clients. Our plan was to rent the first year and look for a home to purchase during that time. We were told by our financial advisor we would have to show proof of income in IL for two years before we could purchase a home.
  • August 30 2013
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Can't say I ever heard of the "2 year rule".  Is your husband's new job guaranteed straight salary, or hourly?  Is his new job in the same line of work as his current business?  Is your current business still in operation, or if not how long has it been since it stopped?  Also, will your husband be starting his job before you close on a new house in Chicago? You really need to speak with a loan officer about this.  Feel free to contact me through my profile to discuss
  • August 30 2013
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