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Old 03-07-2010, 02:55 PM
 
3 posts, read 5,053 times
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Hi

Thank you for your time and your help

Here is my “case”. My wife and I have been renting the same place and we’ve been working for the same companies for the last 10 years on the West Coast. For professional reason, we will certainly "have to" move, probably out of state, in about a year. At that time, we plan not to rent again but instead to buy a home (we’ll be first time buyer). We have a very good credit history and credit score (excellent), just two credit cards, which we don’t carry a balance, and will have about 50k for down payment. We plan to buy something like ~200k

We both have a job (~$100k), but when we are going to move, my wife only will have a job (academia), until I get a job there (don’t have too much worries about it though). Logically, and that is my concern about the lender, our household income will thus drop (her salary = only ~$70k

Should we contact our credit union (or any major national bank) in California now in order to start the process of getting kind of pre-approved (or at least create a file), now meaning = while we BOTH have a job and a $100,000 income, instead of waiting and try to find a lender in our new state (when only my wife will have a job and a $70k income

Thanks again for your time and your advices

Emmanuel
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Old 03-07-2010, 02:57 PM
 
3 posts, read 5,053 times
Reputation: 10
Oups! Sorry about the formatting mess.
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Old 03-07-2010, 04:51 PM
 
28,383 posts, read 67,903,744 times
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There is not a whole you can do. When you borrow it does not really matter if you "formerly" were making a handsome salary, you need to be working when you apply / get loan approved.

Rather than spend time with lenders now you need to simply make a decision about purchasing a home based on one income or waiting until you are both working and then getting the home and loan that you could qualify for on two incomes.

There are many factors to consider, from the likelihood of that happening quickly, to the gap in the kind of home afforfable on one salary vs the two, to the alternatives to buying ...

Are planning on moving OUT OF CA or INTO CA? Have you done any "pre-shopping"? Just a heads up, you may have difficulty getting things lined up to coincide with the move / start of new employment -- sounds like actual employer will be changing and that is trickier than moving to new location with existing employer. Lenders have been pickier about this lately. You may have to rent for a while, if you land a job while renting the whole process will probably wrk out easier...
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Old 03-07-2010, 06:21 PM
 
3 posts, read 5,053 times
Reputation: 10
Hi,

Thank you so much for your so prompt response

You're so right and thank you. The best move will be to 1-move, 2-settle, 3-buy.

Meanwhile, let's save some extra bucks

Thanks again for your help

Emmanuel
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