Posted on: 21st Nov, 2012 12:53 pm
I hope someone can help my wife and I with our situation. We recently found a house we'd like to purchase, however, neither of us have the requisite two years employment history that is the bar (finished school a year and a half ago). So, here's where it's at:
House price 185k.
Willing to put 20% down.
Work:
Me: 6 months work as independent contractor, making 4k/month. Previous pt work.
Her: Pt time, making $1000/month (also full-time student).
Liquid assets (stocks, bonds, cash): ~$300k
No debt.
Wife's parents are willing to co-sign, but my status as an IC and her limited working experience kill us on debt/income ratio.
Thanks!
House price 185k.
Willing to put 20% down.
Work:
Me: 6 months work as independent contractor, making 4k/month. Previous pt work.
Her: Pt time, making $1000/month (also full-time student).
Liquid assets (stocks, bonds, cash): ~$300k
No debt.
Wife's parents are willing to co-sign, but my status as an IC and her limited working experience kill us on debt/income ratio.
Thanks!
Hi spk!
Welcome to forums!
It is true that your status of independent contractor and her limited experience will make things difficult for you. But as your wife's parents are ready to co-sign for you, you should contact the local lenders and check out if you can get a loan.
Wish you and your family a very happy Thanksgiving!!
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is true that your status of independent contractor and her limited experience will make things difficult for you. But as your wife's parents are ready to co-sign for you, you should contact the local lenders and check out if you can get a loan.
Wish you and your family a very happy Thanksgiving!!
Feel free to ask if you've further queries.
Sussane
Hi spk,
I agree with Sussane. As your wife's parents are ready to co-sign, I think things will be easy for you. Nevertheless, this community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if they can help you in this regard.
I agree with Sussane. As your wife's parents are ready to co-sign, I think things will be easy for you. Nevertheless, this community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if they can help you in this regard.
Since you have finished your school one and a half year ago, it would not be possible for you to show 2 years of employment history. Your wife is still a full time student. It is indeed great that the parents of your wife are willing to co-sign on your loan. You can go ahead with that.