Buying A Home
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
FHA loan and income history
DH and I want to buy our first home as soon as I go back to work. For the past three years I've been a SAHM/grad student, and now I'm on the job hunt. I was looking at FHA requirements and it looks like they need two years of income history. DH has been with his employer for much longer than 2 years, and he would be the higher earner on the loan. If we wanted to buy right away, would the loan have to be entirely in his name, or would they allow my income to count too, even though it's new?
Re: FHA loan and income history
I don't care for FHA loans, because I believe if I can only afford to put down a 3.5% down payment, then I probably shouldn't be buying a home. I use the word "I" because these are my personal beliefs. BUT....
From what I understand the bank is always going to tell you that you'll be approved for more than you should spend. If you're looking to buy now, and you can afford it, ie. he has good credit, have an emergency fund, down payment. etc. Then why not go on only one income? My DH and I are only going to use his income, this way we don't have to worry about buying too much house, and if something happens we'll still be able to afford our house on my income.
So your name won't be on the mortgage/deed? That doesn't seem like good advice...
Generally when couples do this, both names are on the deed, but only one is on the mortgage. I thought this was a strange idea too when I first heard it, but apparently it is not at all uncommon.
My name will be on the deed. I too thought it was a little strange, but this is how the lender explained it to us. Where I live there are a lot of SAHM and SAHW so it's actually more common in our area. My friend just bought a house on her income alone because her DH had to short sale his condo. He was alone on the mortgage because he had it before they were married. She got the mortgage alone because her credit was better, but his name is on the deed with hers.