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Large Purchase and Buying a Home Simultaneously
I am trying to work out a timeline. I know that any "large purchases" are not good when you are trying to buy a new home. DH and I are currently living in a small condo that I purchased when I was single. The plan would be to list this (time to market at my building is 60-90 days) and at the same time go through mortgage pre-approval. I've already spoken to a few lenders and know the general price range we should be looking in, etc.
At the same time, DH and I likely will need to do an IVF procedure. For those of you who don't know, the cost of this will be around $15-20K out of pocket.
We have enough for a 20% down payment, 6 month reserves, great credit scores and stable employment. The IVF would be paid for with money outside of this.
The plan would be to start this procedure around June- I am not sure when we would actually be billed for it. My docs office is about 3-4 months behind on billing and there is nothing I can do to speed this up. Insurance is not involved here as I have zero infertility coverage for IVF.
Is it going to be a problem if the IVF bills hit while we are trying to get pre-approved?
We cannot put this procedure off due to my age, and the preference would be to move sooner rather than later. I promised DH we would move out of my condo within one year of us getting married..... our 5 year anniversary is in August.
WWYD?
Re: Large Purchase and Buying a Home Simultaneously
I think as long as you're not financing the IVF, and since the funds for it are separate from what you've set aside for the down payment and reserves, it shouldn't be a problem. The large purchase thing is more for buying a car with a loan, where all of a sudden you have another large debt on your credit report.
And GL with the IVF, I hope it goes well for you!
Are you paying cash for the IVF? If so, I would put that in one bank account and have all of your other money (e-fund, down payment, closing, etc) in another. I would only give the mortgage company the bank statements from the non-IVF account. I would not tell them anything about it because from my standpoint, it's none of their business as long as you have money outside of it that will make you credit-worthy.
Banks worry about women having babies and not going back to work afterwards, which is why I would not tell them.
Keep receipts for everything and give them notice ahead of time. They'll STILL request documentation for any large inflows or outflows from your accounts but as long as you're in solid financial standing and you can provide documentation on where the money is going, you should be fine.
I wouldn't bother putting the IVF money in a separate account because they can still find it and then it looks like you were trying to slide something by them.