Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My husband and I live in LA but are thinking of relocating to Texas where we can have a more comfortable lifestyle if I choose to stay at home with our 10 month old daughter (I make more than my husband right now) .. I want to stay at home but also have been hesitant because I feel like I'd be loosing everything I worked for if we ever return (which we probably would once our kids are school age because our hearts are in Los Angeles) but I just read about the exception to the 2 year job history requirement for FHA for stay at home moms. I've been at the same company for 6 years now and have had many promotions and salary increases. I would like to someday return to the same company or a similar one (Internet industry so I could easily work for google, amazon, etc.) and be able to purchase a home then. We currently own a townhouse bought using FHA if that matters.
My questions are:
(1) Does anyone know if this exception will still apply if I work part time sporadically while we are in Texas?
(2) What if we stay in Texas for lets say 5 years and I work part time steadily and even get a new FHA loan there?
In the above scenarios can I still theoretically come back to LA and my original industry and maybe even the same company after 5 years and be able to buy right away using the SAHM mom exception to explain the gap for full time work?
You are talking about such short time frames, and jumping back and forth between places so frequently that it probably makes sense to rent. If you buy right now in Texas, and then once your 10 month old reaches school age you move back the transaction costs alone will probably make renting a better choice.
Also couldn't you just rent for a short time when you get back to LA as you jump back into your career again. There is just a lot of what if's in your posts, it probably doesn't make sense to tie yourself down with a mortgage until you figure everything out.
The main borrower's (as opposed to the co-borrower)job history and income is more important. So your husband is the one that needs to have the two year history in the same industry more than you do. Yes it is important for you as well, but it sounds like your situation is very unsure with a lot of what if's and you want to stay home so you are going to have a gap of employment anyway. They will however use the lower of both borrower's credit score (middle score).
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
