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Old 02-25-2009, 09:12 AM
Location: Colorado Springs!
32 posts, read 83,333 times
Reputation: 15


My family will be moving from Anchorage, AK to Colorado Springs, CO. My wife won't be working once we get there--she's pregnant & will stay home with our kid(s)--we make about 90K gross a year now and that will be dropping to around 60K with her not working.

They will be basing my loan on past 2 years of tax docs, pay stubs, etc but that will be drastically changing. How does that work? Should I get pre-approved while still in Anchorage?

We are first-time home buyers & I'm active military...no debt & decent savings $ in IRAs & other investments & a credit score around 745. We don't have the cash for 20% down.

We will be in the house 4-8 years (I can retire in 8 more) and will probably move back to the east coast to be closer to aging family. What would be the best kind of loan for a shorter-term in the house?

Sorry my post is kind all over the place...we are a little scared/confused. We've been renting the last 12 years and have never thought about homebuying until now!
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Old 02-25-2009, 09:26 AM
Location: Nashville, TN
1,177 posts, read 3,655,667 times
Reputation: 936
You need to let the lender know that your financial situation will be changing with the move and what your annual income will be.
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Old 02-25-2009, 09:35 AM
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,100,246 times
Reputation: 952
Your qualification will be based on your new income, I would not try to find a way around that. Being that you are active military I would look into a VA loan. Very competitive rates, doesn't require any money down, no monthly mortgage insurance, a very good program for active and discharged military.
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