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Answers (7)
- CMLita
- Contributions:2
Thank you all for your help with my question. I'll probably consult with a local bank, as suggested, and see if we can be approved for a conventional loan using both of our incomes. If not, we'll wait until I've been back on the job for 6 months (I'm in a salaried position). Thanks again.
- shapiroamg
- Contributions:3058
Did Reema or Gordon notice that this question was asked in 2005?!???!!!!?!?!?!
- Reema Sharma, "ReemaSharma"
- Contributions:927
It is best to talk to a local mortgage home consultant for what you can qualify for
- Gordon Haraway, "1stTimebuySpecialist"
- Contributions:250
The answer depends on your job and how you are paid. You have been out of the work force for 2 years. If you are paid an hourly rate then you will need a two year history before you can use your income for either FHA or Conventional. However if your are paid a salary it would be treated a little differently and you may be able to qualify in 6 months.
- shapiroamg
- Contributions:3058
Your husband is fine. You were out of work for an extended time. Generally with a long term job gap, a lender will want you to be back on the job for 6 months.
- Cindy Quinton, "Cindy Quinton"
- Contributions:1322
If you don't get an answer today, bump it in the morning as more lenders are posting on weekdays.
- Howard Vernick, "HowardVernick"
- Contributions:47
Your income can be used immediately if you finance the property using a conventional loan. Depending on your situation you can purchase with as little as 5% down.
If you choose to or have to finance your property using an FHA insured loan, you'll have to wait until you've been back to work for at least 6 months.
Your husband's income can be used right away since we can use his time in school toward his work history.
I hope this helps and good luck.
If you choose to or have to finance your property using an FHA insured loan, you'll have to wait until you've been back to work for at least 6 months.
Your husband's income can be used right away since we can use his time in school toward his work history.
I hope this helps and good luck.
My husband and I are ready to get into a house. My husband was working part-time while attending gra
Note: We both have great credit (750+), an income property (currently under mortgage), and some student loans.
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