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Old 03-03-2009, 07:12 AM
 
Location: Princeton, NJ
14 posts, read 34,525 times
Reputation: 11

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Here's a question for everyone:

We are relocating from one state to another, and thinking of buying a home for the first time. My husband is going to start a PhD at a university that is giving him a stipend. So we know that there will be that income, but I will have to find a job in a new place, and we have no idea when I will have an income or how much I will be making.

So, does anyone know whether we can be approved for a mortgage with only my husband's income? Or would we have to have my job secured before we can even think of buying anything?

I really appreciate any input you can provide on this matter.
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Old 03-03-2009, 08:02 AM
 
Location: WNY
1,049 posts, read 3,414,748 times
Reputation: 267
your best bet is to talk to a mortgage broker or a bank. in many areas its a great time to buy, others not so...... obviously you will qualify for more with you working and the broker will consdier a number of things - how much is the stipend, how much cash you have and how your credit is - it certainly can be done, but it depends on a lot of variables...

what state are you relocating to?
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Old 03-03-2009, 08:28 AM
 
Location: Princeton, NJ
14 posts, read 34,525 times
Reputation: 11
Thanks CAugust! Would you advice to find a broker through a real estate company, or would I be better off going solo on this? As you can see, I am very inexperienced - never bought a house before!
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Old 03-03-2009, 08:45 AM
 
Location: South Dakota
733 posts, read 4,082,079 times
Reputation: 710
Visit with the chairman of the department in which your husband will be working and/or his graduate program advisor. Ask them for a referral to a local bank and a local realtor. Visit with the bank about the possibility of a mortgage. Then go visit with the realtor.
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Old 03-03-2009, 08:48 AM
 
Location: WNY
1,049 posts, read 3,414,748 times
Reputation: 267
Quote:
Originally Posted by sophigirl View Post
Thanks CAugust! Would you advice to find a broker through a real estate company, or would I be better off going solo on this? As you can see, I am very inexperienced - never bought a house before!

Theres a first time for everyone, it's not as hard as ppl make it out to be, but that being said, you do need to find someone you are comfortable with. A mortgage broker has more resources, depending on where you are moving, is how to decide if its a good time to buy now - while mortgage rates are awesome and the tax credit is in place, every area is different ..... some areas are sadly still decling and others are remaining steady, and have always been.

if it was me, i would go with a broker, unless you or your husband worked for a bank and got a deal......
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Old 03-03-2009, 09:52 AM
 
Location: Princeton, NJ
14 posts, read 34,525 times
Reputation: 11
Quote:
Originally Posted by windtimber View Post
Visit with the chairman of the department in which your husband will be working and/or his graduate program advisor. Ask them for a referral to a local bank and a local realtor. Visit with the bank about the possibility of a mortgage. Then go visit with the realtor.
Can this be done over the phone/email? We are very far from the area at the moment..
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Old 03-03-2009, 10:22 AM
 
Location: Censorshipville...
2,478 posts, read 5,992,576 times
Reputation: 1270
Once you get contact with a mortgage broker, it'd be easy to fax any documents he'll need. The pre-approval process can be done over the phone or even a website.
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Old 03-06-2009, 11:20 AM
 
Location: Princeton, NJ
14 posts, read 34,525 times
Reputation: 11
Thanks, everyone!
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