Zillow Advice: Approval Process - My wife and I have a total household income of 172,000 http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ Zillow Advice | Zillow Real Estate Read below&nbsp; http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ Read below&nbsp; Mon, 19 Aug 2013 23:19:00 GMT http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ 2013-08-19T23:19:00Z Please tell us if by being ... http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ Please tell us if by being under "contract" are you paid as a contractor or a w-2 employee? Mon, 19 Aug 2013 21:37:00 GMT http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ 2013-08-19T21:37:00Z Congratulations on your wife's ... http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ Congratulations on your wife's recent graduation.&nbsp; With your income, you should qualify for a home.&nbsp; Remember to include all your monthly obligations, as well as the taxes, homeowners insurance and any homeowner association dues you'll be responsible for .&nbsp; A lender will need to know the total monthly payments on the student loans to accurately calculate what you can afford. Fri, 16 Aug 2013 18:20:00 GMT http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ 2013-08-16T18:20:00Z If you are salaried and your ... http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ 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?&nbsp; Fri, 16 Aug 2013 04:50:00 GMT http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ 2013-08-16T04:50:00Z We only require a paystub.... ... http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ We only require a paystub.... You could put in a contract on a home today!!!<br/>&nbsp;That is, if she is currently working in the same line of work as her degree. <br/>Example: Went to nursing school and now is employed as a nurse = good to go!!<br/><br/>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!!!!<br/>These are basic guidelines and we do not add on more guidelines as far as this work situation is concerned. <br/><br/>Let me know if you would like for me to go over your specific situation in further detail.<br/><br/> Fri, 16 Aug 2013 04:23:00 GMT http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ 2013-08-16T04:23:00Z Your situation would need ... http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ <p>Your situation would need to looked over with all of your debts and payments per month to determine your debt to income ratio.&nbsp; Your student loans are most likely going to be required to start paying them.&nbsp; It would be a good idea to gather what those payments may be.&nbsp;<br/><br/>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.<br/><br/>What would you be approved for?&nbsp; Will depend on what your Debt to Income Ratio would be.&nbsp; You would be able to apply now, go through&nbsp;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.&nbsp;&nbsp;<br/><br/>You should be able to receive&nbsp;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.&nbsp;&nbsp;<br/><br/>Perhaps, Wayne would be a good source.&nbsp;</p> Fri, 16 Aug 2013 02:49:00 GMT http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ 2013-08-16T02:49:00Z When i say under contract ... http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ 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.&nbsp; Fri, 16 Aug 2013 00:52:00 GMT http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ 2013-08-16T00:52:00Z I'm going to speak for the ... http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ 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. Thu, 15 Aug 2013 16:53:00 GMT http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ 2013-08-15T16:53:00Z These are questions that ... http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ 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.&nbsp; Thu, 15 Aug 2013 16:31:00 GMT http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ 2013-08-15T16:31:00Z Your post has a number of ... http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ 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.&nbsp; 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).<br/>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. Thu, 15 Aug 2013 15:27:00 GMT http://www.zillow.com/advice-thread/My-wife-and-I-have-a-total-household-income-of-172-000/506977/ 2013-08-15T15:27:00Z