Buying A Home
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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.
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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.
First Time Buyer - With a Twist
Let's jump right in....
My wife & I have lived in NorCal for the past 20 yrs and have only rented homes during that time as it fit our lifestyle. My wife and I both work full time, she is a hair dresser with 'stated income' and I am an engineer who has worked for the same company for over 20 yrs.
My company has made us an offer to relocate to SoCal where my salary increase would offset the lost of my wife's income. Great right? Well within these details are where it gets interesting.
If we move we would like to purchase our first home. We want to avoid renting all together. We are looking at making the move in ca 12 months so we need to define the best strategy that gets us moved into the new area and into a home we own.
With the shift in our total income moving from a 'joint effort' to 'sole bread winner', what is the best strategy to securing financing?
The way I see it we will have to approach the financing institution with one of the two scenarios:
1) Apply for financing using my current income values (which have sufficient history) plus my wife's current income values (which also have sufficient history). The potential problem will be trying to purchase a home that is located 350 miles from my wife's work.
2) Apply for financing using only my new income value (which will only have 1-2 months of history at the time of application). Potential problem here is that there is a lack of history at this new income level even though I have a long history working for my company.
I'd sure appreciate those of you who could shed some light on a strategy to securing financing for our first home. Thanks!
My wife & I have lived in NorCal for the past 20 yrs and have only rented homes during that time as it fit our lifestyle. My wife and I both work full time, she is a hair dresser with 'stated income' and I am an engineer who has worked for the same company for over 20 yrs.
My company has made us an offer to relocate to SoCal where my salary increase would offset the lost of my wife's income. Great right? Well within these details are where it gets interesting.
If we move we would like to purchase our first home. We want to avoid renting all together. We are looking at making the move in ca 12 months so we need to define the best strategy that gets us moved into the new area and into a home we own.
With the shift in our total income moving from a 'joint effort' to 'sole bread winner', what is the best strategy to securing financing?
The way I see it we will have to approach the financing institution with one of the two scenarios:
1) Apply for financing using my current income values (which have sufficient history) plus my wife's current income values (which also have sufficient history). The potential problem will be trying to purchase a home that is located 350 miles from my wife's work.
2) Apply for financing using only my new income value (which will only have 1-2 months of history at the time of application). Potential problem here is that there is a lack of history at this new income level even though I have a long history working for my company.
I'd sure appreciate those of you who could shed some light on a strategy to securing financing for our first home. Thanks!
Re: First Time Buyer - With a Twist
I would go with option 2. As long as you are staying the same field and have a couple of months paystubs in your new field then my understanding is that the job move shouldn't affect you too much. The main problem is when people change jobs right when they are buying the house or they change the field that they work in. Please someone let me know if I am wrong on this.
When we moved I purchased our home in my name since my husband had recently started a new job and had the old house in his name until it sold. It was much easier dealing with one person's income and debt and I was allowed to include all joint assets. Good Luck.
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Life of Amberley
I'm not sure this is really your choice; I think your loan officer will decide how to document your income.
Keep in mind if you may need some sort of documentation besides your most recent paystubs from the company to document the pay increase and move etc.