Profile picture for user4296810

My wife and I have a total household income of 172,000

with 135,000 in student loans(She just Graduated Grad School)  $430 truck payment and No credit card debt. She has no work experience due to grad school. I make 42,000 and she will bring in 130,000. We are both under contract. She just started this week. What could we be approved for? and how long would we have to wait to be approved for a loan?

  • August 14 2013 - Corpus Christi
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Answers (14)

Profile picture for user4296810
Read below 
  • August 19 2013
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Profile picture for B2 Funding
Please tell us if by being under "contract" are you paid as a contractor or a w-2 employee?
  • August 19 2013
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Profile picture for goodmortgage
Congratulations on your wife's recent graduation.  With your income, you should qualify for a home.  Remember to include all your monthly obligations, as well as the taxes, homeowners insurance and any homeowner association dues you'll be responsible for .  A lender will need to know the total monthly payments on the student loans to accurately calculate what you can afford.
  • August 16 2013
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If you are salaried and your income will continue for three years, you should have no problem being approved immediately. What is the home price range for which you would need a loan? 
  • August 15 2013
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We only require a paystub.... You could put in a contract on a home today!!!
 That is, if she is currently working in the same line of work as her degree.
Example: Went to nursing school and now is employed as a nurse = good to go!!

The "2yrs of work history" is not required for recent grads working in their field.... I close these kinds of deals all of the time!!!!
These are basic guidelines and we do not add on more guidelines as far as this work situation is concerned.

Let me know if you would like for me to go over your specific situation in further detail.

  • August 15 2013
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Profile picture for GMerino

Your situation would need to looked over with all of your debts and payments per month to determine your debt to income ratio.  Your student loans are most likely going to be required to start paying them.  It would be a good idea to gather what those payments may be. 

You both make excellent income and being that she is a college Graduate would mean that she is able to consider that her two year work history.

What would you be approved for?  Will depend on what your Debt to Income Ratio would be.  You would be able to apply now, go through underwriting to get a loan commitment and by the time you close on a house your wife would have already received her first check, which would satisfy income requirements.  

You should be able to receive a "what if" scenario before you pull credit to determine your DTI and then if you feel comfortable apply, it is a great time to buy.  

Perhaps, Wayne would be a good source. 

  • August 15 2013
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Profile picture for user4296810
When i say under contract I mean we are both salary not hourly workers. Have good credit. Simply asking if it would be hard for us to be approved due to the fact my wife ( higher salary) has only been working a few weeks. and with her loans. I projected our DTI at 18% before mortgage debt. 
  • August 15 2013
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Profile picture for PaulMcCausland
I'm going to speak for the group. I think we're (at least me) is misunderstanding. Are you saying you're under contract for a home, or for your jobs? Big difference. I agree with paul if an agent id getting your hopes up, but also need the answer because if you're job is contract work, then i agree with Justin regarding w-2 or 1099 employee. Please clarify.
  • August 15 2013
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These are questions that you should be asking the mortgage company you are working with. The fact that the realtor is putting out offers without you knowing if you can get a loan is concerning. That should have been step one, before you started putting offers on homes. 
  • August 15 2013
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Your post has a number of unanswered questions so not possible to give accurate reply. This is a good time to get pre approved, and find out what loan amount/program would be your best option.  I am in TX and would be happy to assist you, and if interested you can contact me through my Profile (click on my name).
Christine and Tim - putting contact info on post is violation of Zillow's Good Neighbor Policy and they will remove it. By the way poster was asking for mortgage assistance, which is what lenders on Mortgage Forum provide.
  • August 15 2013
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Profile picture for PaulMcCausland
If you can produce the college transcripts, it should work out. The question requires a lot more information to be able to be of help. I'd be more than happy to discuss it with you.
  • August 15 2013
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When you say under contract does this mean you have W2 income or working as independent contractors with 1099 income? If her income is not W2 type you won't be able to qualify for anything, if it is W2 then it would be relevant to know the monthly payment obligations on the student loan debt to begin to review a qualifying debt to income ratio.
  • August 15 2013
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Hello,
I am a Real Estate Agent in the Corpus Christi area. I have been an agent for 18 years and I know the area very well. I would be happy to recommend a few Mortgage Lenders that may be able to help you. I would love to help you and your wife purchase your next home.

Contact me anytime :)
Christine Belin
Coldwell Banker Pacesetter Steel Realtors
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  • August 14 2013
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Contact me, I work with two particular lenders that may be able to help you. Things are always changing in the lender arena, but let's see what I can do to help you.
Tim

Tim J. Tierney | Keller Williams Realty| REALTOR®
12515-8 Research Blvd. | Suite 100 | Austin TX | 78759

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  • August 14 2013
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