My home buying SNAG

Discussion in 'Credit Talk' started by Momof3, Feb 23, 2001.

  1. Momof3

    Momof3 Well-Known Member

    AS most are aware I planned on being in our home this summer but we have been having a litle trouble and I am trying to figure what is best and would like anyone's advice or input. When my husband changed jobs I had to stayhome for the most part, I couldn't work around his crazy hours and didn't want to put my baby in day care, prior to this we had worked opposite shifts for 12 years so I was happy for the chance to be a stay at home mom. Now his job has always had major OT that is the main reason I could stay home. Unforunately new management took over and his OT is just about gone, we are talking about 600-800 less a month OUCH. We were hoping it would pick up but it has been well over 2 months and doesn/t look like it will ever return like it was. So we have realized that we must return to a 2 working family in order to afford a mortgage and bills but I can't do this with his schedule and he can't get different hours. So he may have to switch jobs which I am afraid will cost us a mortgage this summer. I know they want time on the job so if he switches now it will hurt, but if we don't so this we won't be able to afford the darn house anyway:( But I can return to my job which I have held for 3 years, so is it possible since I can return full time to use my job as primary job and could we still qualify even if he switches. And even if it will delay we will be better off. Am I crazy or is this the best thing to do??

  2. roni

    roni Well-Known Member

    I dont think time on the job matters. When you apply for the mortgage, you will have to provide 2 recent paystubs and your w2. They will reflect his old higher income and his new higher income. They will surely overlook his new position. FHA will not hold you back for something that small. I just started this new job Mom when I applied for the loan in January. They didnot even blink an eye. I had just started it that month.

  3. Momof3

    Momof3 Well-Known Member

    Thanks ROni, that is very good to hear. I am very nervous and this change of jobs for both of us and it has me very upset. But that is what I needed to hear. I will keep you posted, not sure when this will take place he has to find a job with better hours until then he is stuck there and I can't work. But that takes some load of my mind.

  4. help4u

    help4u Guest

    If he stays within the same line of work it will not hinder him at all. As far as a bank it depends on the bank and the amount of the mortgage. When I speak the amount I'm talking the difference being 100,000 versus

    GEORGE Well-Known Member

    When we bought our house she was working, I was the "HOUSE HUSBAND/WITH KIDS" we got a special F.H.A. + COLORADO STATE LOW INCOME FINANCING PROGRAM (C.H.A.F.A.) 20% of the interest goes as a "CREDIT" on the bottom line against final FEDERAL taxes owed.

    Maybe you can get something like it (if you don't make too much).


    JUST F.Y.I.
  6. Momof3

    Momof3 Well-Known Member

    Thanks, not sure if it will be same line of work which I know could cause problems, but since I am steady at mine maybe it can still work. Our price range is around 60-70K.

  7. Momof3

    Momof3 Well-Known Member

    Thanks George, I will look into this.

  8. JP

    JP Guest


    Time on the job can be overlooked as long as you stay in the same line of work.

  9. dogman

    dogman Well-Known Member

    Mom- my thoughts would be to contact yopur prior employer - or a new one - and easily telecommute or work unusual hours.

    MOST EMPLOYERS will grab you for your skills - just explain the child situation and freedom to telecommute a couple of days a week - etc.

    Your former employer could and would probably be pleased to get you back PARTTIME!
    Don't worry too much.

    Everybody lands OK :)
  10. Momof3

    Momof3 Well-Known Member

    Thanks Jp, I thought that was the case the trouble is I am not sure it will be same line of work, just hoping that since I have been at my job for 3+ years, I may still be able to do it.

  11. Momof3

    Momof3 Well-Known Member

    Thanks Dog, I am still wokring just only weekends been there 3+ years, trouble is I wokr in nursing home, set shifts , believe I have tried but just can't work around his hours so we feel our only solution is for me to go back second shift and for him to work opposite like we did before, but he can't work those hours at his present job grr. We will work something out just hope we can still buy this summer I would hate to have to wait longer:(

  12. LKH

    LKH Well-Known Member

    Mom, don't worry about it. Look what you've accomplished in the past few months. I'm sure when you put your mind to (as in the past) you will figure it out and all the problems will go poof!
  13. Momof3

    Momof3 Well-Known Member

    Thanks LKH, I am hopeful it will, just at this moment it seems quite stressful.

  14. marvin

    marvin Well-Known Member

    I think the major item that banks look at is if there is a gap in between employment. That is a major problem because it puts up a red flag. If you get one job, and then put in the 2 weeks notice at you're other job, I don't think that the banks will even think twice about giving you a mortgage. They are just looking for job stability and someone that is always working. Just my opinion of course and I'm not a banker, but I think you will be all right :)
  15. Momof3

    Momof3 Well-Known Member

    Thanks Marvin most have told me we shouldn't have any problems as long as he stays in the same field, of course he hates his field, but we shall see what happens. I am hoping since I have had the same job for 3+ years that we shouldn't have a problem, plus FHA should be a little easier with this than a conventional loan would be.

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