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Should we apply for our first mortgate w/both incomes even though I will be a stay at home?

Our first baby is due this October. We are planning on me being a stay at home until our kids (we are hoping to have two back to back) are at least in Kindergaten. This means that starting this fall we will be living on my husbands income alone, 80k. We are currently living off of his income and using mine to pay off debts and start some savings. By August all our debts will be paid off, however, we will only have about 5-10K in savings. Should we press ahead and try to buy a home while I still have an income to put down or should we wait until next year when we will have 15-20 grand in savings but only his income to put down?

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April 12 2009 - Laurel
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Answers (4)

The responses so far are right on Mags I caution you on the idea of qualifying using both incomes since soon and a few years you will actually live on 1 so if you are ok with what 80k can purchase and your level of savings and budget then move forward.   
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May 22 2010
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Mags, even without your planned long term leave from earning income, its still a good idea to budget your purchase using only one income in a dual income family given the current environment with layoffs/high unemployment. If you do consider purchasing this year, I would also take into consideration, the stability of your husband's employment when deciding whether to purchase now.

Best of luck with the purchase decision as well as with the upcoming addition to your family!

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April 14 2009
Great response ED. You earned a green flag from me. Listen to him, Mags! .... Happy funding, Rudi
.

PS: You need to fix the website link on your profile.
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April 14 2009

Forget about the qualification process for right now.  Create a budget for yourself with your numbers, not the lender's numbers.  Based on that budget, what payment do you feel comfortable with?  The answer to that question should tell you how to proceed.

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April 14 2009
 
Related Questions
Should we apply for our first mortgate w/both incomes even though I will be a stay at home?
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