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.
Loan question
DH & I were previously approved for a mortgage, but found better rates at another bank. The new bank told us we could have an issue b/c DH has only been with his job since January (prior to that he volunteered at the same place for year). He graduated from law school in May 2010 and couldn't find paying work for a while, so he settled to volunteer for the courthouse until a job opened up & they hired him there. I've been with the same law firm for 4 years and was recently promoted & got a raise. Our new loan officer mentioned my DH's job history could pose a problem - do you think we should be worried? Has anyone gone through anything similar? Our other factors are positive - credit scores in the 700s, no debt except credit cards which we pay off every month, 20% down payment, etc.
Re: Loan question
I had been at my job for just over a year when we closed. I had been out of work for three months before I started it following a lay off. It wasn't an issue because H had been at his job for more than five years and I had been in my field for five years.
It doesn't sound like he has job history prior to his current job. They will not consider his volunteer work in the equation - they want a history of income. If you're otherwise well qualified, you might be able to slide by with a letter from his employer stating that he's in good standing or something like that. These things tend to be very cut and dry though -- if it's against bank policy to lend in that situation, the other details won't matter. You might be better off with the other bank, but double check to make sure you won't have an issue when them either. Two years of employment history is pretty typical when it comes to getting a mortgage.
The other option is to see if you can qualify without his income.
I graduated law school last May, then went in for another year to get my LLM graduating this May. When we went to apply for the loan they wouldn't take my job into consideration (contract signed this past October, starts in July) but they did want to take my loan debt into consideration.
My H just qualified on his own with his income and employment history, is that maybe an option for you guys, to apply with only your information and job history?