Posted on: 04th Feb, 2009 12:27 pm
My girlfriend and I are looking to buy a house in the next couple of months and I have a few questions.
Both of us have a combined income of about $100,000 but last year we had a baby and my wife has only been working part time since then.
She is starting back to work full time next week but her last years W2 shows her making only 30k...while 2006 & 2007 were over 50k.
Both of our credit score our in the mid 700's but I am a little concerned that a lender might not qualify us for the amount we need (170-180k) if they base
their decision on her 2008 income.
She is also going through a divorce right now that should be finished in the next couple of weeks but I am not sure how this will affect us buying a home.
Last but not least, I am a first time home buyer but she is not, so will this affect the $7500 tax credit that is being offered this year? If so, would it be better to leave her name off and use my mother (has not owned a home in the last three years) as a cosigner/coborrower?
Any help would be greatly appreciated.
Both of us have a combined income of about $100,000 but last year we had a baby and my wife has only been working part time since then.
She is starting back to work full time next week but her last years W2 shows her making only 30k...while 2006 & 2007 were over 50k.
Both of our credit score our in the mid 700's but I am a little concerned that a lender might not qualify us for the amount we need (170-180k) if they base
their decision on her 2008 income.
She is also going through a divorce right now that should be finished in the next couple of weeks but I am not sure how this will affect us buying a home.
Last but not least, I am a first time home buyer but she is not, so will this affect the $7500 tax credit that is being offered this year? If so, would it be better to leave her name off and use my mother (has not owned a home in the last three years) as a cosigner/coborrower?
Any help would be greatly appreciated.
Your wife had a good reason for working part time. If she has recent pay stubs that reflect full time earnings, then an underwriter may allow it. As far as the divorce is concerned, if she anticipates GETTING alimony then that would help you qualify for the loan but she would have to provide the divorce decree.
Regarding your tax credit question...I am really not sure. Maybe someone else here on the forum has the answer.
Regarding your tax credit question...I am really not sure. Maybe someone else here on the forum has the answer.
i'm going to agree with eric on this, except on the "wife" part. your g/f's rationale for not working was a pretty doggone good one - she had a baby! her return to full-time work ought to be sufficient for her current income to be used (is it the same job?).
the biggest impact that a divorce can have would be if she is obligated on any accounts that will accrue to her former-to-be spouse. as eric noted, if there's alimony coming (or child support), that ought to be an enhancement to your quest for a loan.
the tax question? dont' ask me, either. you may wish to discuss it with the irs or a tax advisor you know; and, of course, your Mom might be a good idea too, but i'd aver that you don't need to involve her.
the biggest impact that a divorce can have would be if she is obligated on any accounts that will accrue to her former-to-be spouse. as eric noted, if there's alimony coming (or child support), that ought to be an enhancement to your quest for a loan.
the tax question? dont' ask me, either. you may wish to discuss it with the irs or a tax advisor you know; and, of course, your Mom might be a good idea too, but i'd aver that you don't need to involve her.
I am on line now!
