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Profile picture for Texas Bound1

i'M TRANSFERRED (HAVE A JOB) MY HUSBAND WILL COME DOWN WITH ME WITHOUT A JOB...

OF COURSE, HE PLANS ON GETTING ONE AS SOON AS HE CAN...BUT WE WOULD LIKE TO BUY AS SOON AS WE CAN.  WE SHOULD HAVE @$50k DOWN FROM THE SALE OF OUR CURRENT HOME.  HOW DO BANKS HANDLE THIS I.E. IF HE IS NOT EMPLOYED WHEN WE GO FOR PRE-APPROVAL?

THANKS

  • September 13 2009 - Corpus Christi
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Answers (11)

Sonny, please read Zillow's policy on begging.  Here is the link:

No Begging Please!




Need.....no, you can do both conventional and FHA in one name.  Or, they can both be on the loan, but can not use spouse's income.
  • September 18 2009
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Profile picture for NeedinFHA
I thought fha loans required both spousals information not just one person on the loan..Maybe conventional?
  • September 18 2009
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Its all depends on your income, Are you going to qualify on just your income and we need his income to qualify you.

[content removed by moderator for being self promotional]

Liberty Home Mortgage
  • September 17 2009
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Texas Bound1:

Congratulations on your upcoming move to Texas!  My husband bought a condo on North Padre Island/ Corpus Christi several years ago.  Because we loved the area so much, we relocated here permanently.  We are Realtors in the Texas Coastal Bend.

There are a few local lenders that I could recommend for you to have your questions answered by local experts.  Check out my profile for e-address and phone number, and let me know.
  • September 14 2009
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Texas is a state were your husbands debt will show on your loan application even if you do the loan only.

  • September 14 2009
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Texas Bound1,

As many have mentioned, you can talk with a lender to see if you can qualify for a home purchase based on your income alone.  If this is not possible, your husband would need to be employed for at least 30 days before his income could be considered. (NOTE:  If he was unemployed for longer than 60 days, there would need to be an explanation and the income that he makes from his new job may not be fully used for qualification.)

To help you understand whether you could qualify alone on your income, the general rule is that your mortgage payment (including taxes and insurance) should not exceed 31% of your gross income and your total monthly debt (including installment debt and revolving credit payments) should not exceed 43% of your gross income.  (NOTE:  If you were to go alone on the loan, only debts in your name (whether held individually or jointly) would be considered unless you were to use an FHA or VA loan.)  There are exceptions to this general rule and if you have great credit and other compensating factors such as % of down payment, you could still possibly be pre-approved.

Here is a link to help you calculate your debt-to-income ratios:  http://www.zillow.com/mortgage/calculator/How-much-can-I-afford.htm


Hope this helps and welcome to Texas!


Steve
  • September 14 2009
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Profile picture for Mr Caveat
this is actually good, you should rent in the area and get familiar with it so that you can make a more informed decision when you get there.

location, location, location
  • September 13 2009
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Hello,

Unfortunately your husband would not qualify without income.  You could always go on the loan solo.  Can you qualify for the mortgage payment on your income alone?  The only other possibility would be to have your husband work and live in the current state until the home sells.  However, you would need to qualify for both payments in this type of situation. 

If he is planning on moving to a different state and leaving his current position, you may want to rent for a little bit until he finds a job. Once he becomes employed in the new State, you can move into your new home. 

Best of Luck,
  • September 13 2009
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Profile picture for wetdawgs
Banks look at the income that is coming in, not earning power, therefore, your income alone would need to be considered.   If your house hasn't sold yet, don't count on the down payment until you have it in hand.  

When moving, renting for a while helps you to get to know the community, as well as make sure your current house sells and your DH has a new job.

  • September 13 2009
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You would either need to qualify using your income alone or wait to buy until he finds employment if your income is insufficient.
  • September 13 2009
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You would need to qualify for the home on your own income and debt.  If you have 680 credit scores and put 20% plus down you might not have an issue.  We would just have to run the loan through Fannie Mae's underwriting system.  This would only take a few minutes to find out where you stand.
  • September 13 2009
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