U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 05-09-2013, 01:03 PM
 
15 posts, read 37,349 times
Reputation: 13

Advertisements

I am running some calculations to see how much of a house we can afford. When I'm adding up our monthly debt amounts, do I include my wife's student loan payment? I am asking because only my income will be used for the mortgage calculation and information because she only makes $5000 a year from a part time job. I wasn't sure if it was just MY debt since just my income and information would be used for the mortgage. Thanks
Reply With Quote Quick reply to this message

 
Old 05-09-2013, 01:09 PM
 
Location: Austin
6,977 posts, read 16,440,719 times
Reputation: 9160
It will depend on a few factors. Are you a community property state? Her debt is your debt. Are you getting an FHA loan? Her debt is considered your debt. Are you getting a conventional loan? Her debt should not be considered your debt...

Talk with your lender about your specifics. Do you need her $5k to offset debts for your ratios?
Reply With Quote Quick reply to this message
 
Old 05-09-2013, 01:12 PM
 
3,271 posts, read 7,058,071 times
Reputation: 3995
Likely can't use her income anyway, unless she has a 2 year history of part time work.

What state is the property in?

You will likely fly solo on the application.
Reply With Quote Quick reply to this message
 
Old 05-09-2013, 01:30 PM
 
15 posts, read 37,349 times
Reputation: 13
I live in PA. She has been at the same part time job since 2010. I don't think I'll need the $5k to offset the debts. Not sure about loan type yet, just doing some math first.

Also, my job includes a yearly bonus amount. Would the base salary+bonus factor in, or just my base salary?

Last edited by Rangoon03; 05-09-2013 at 02:00 PM..
Reply With Quote Quick reply to this message
 
Old 05-09-2013, 04:01 PM
 
Location: Southern New Hampshire
6,520 posts, read 11,319,459 times
Reputation: 18432
Quote:
Originally Posted by Rangoon03 View Post
I live in PA. She has been at the same part time job since 2010. I don't think I'll need the $5k to offset the debts. Not sure about loan type yet, just doing some math first.

Also, my job includes a yearly bonus amount. Would the base salary+bonus factor in, or just my base salary?
You would have to have a history of bonuses (for my bank, at least 2 years' worth) and normally they average them. Your employer would also have to certify the "likelihood" that they will continue.
Reply With Quote Quick reply to this message
 
Old 05-09-2013, 07:52 PM
 
4,440 posts, read 7,701,138 times
Reputation: 6332
Doesn't matter what the banks say you can afford, or what a calculator on a web page says you can afford. You need to do a budget and look at your monthly expenses and "you" need to say what your willing to and can pay per month.
Reply With Quote Quick reply to this message
 
Old 05-09-2013, 08:06 PM
 
Location: USA
15,660 posts, read 15,419,291 times
Reputation: 11674
Quote:
Originally Posted by Rangoon03 View Post
I am running some calculations to see how much of a house we can afford. When I'm adding up our monthly debt amounts, do I include my wife's student loan payment? I am asking because only my income will be used for the mortgage calculation and information because she only makes $5000 a year from a part time job. I wasn't sure if it was just MY debt since just my income and information would be used for the mortgage. Thanks
If she is on the application than you need to use her debt too.
Reply With Quote Quick reply to this message
 
Old 05-13-2013, 12:59 PM
 
Location: Living on the Coast in Oxnard CA
15,306 posts, read 25,004,783 times
Reputation: 19437
Yes the student loans matter. Here is a thought though. Since she is only working part time can she go back to school? Student loans that are not in repayment do not hold the same weight as student loans that you are paying on now. For an FHA loan if you can show that you won't have to pay for the next 12 months then they probably won't be counted as debt right now. FHA looks at the amount of income that is used to pay off debt that you currently have an obligation to pay off. If she is in school then her loans are deffered during the time she works toward completing her degree + 6 months after graduation, + additional deferments that you can arange based on income of the student. $5,000 is not a lot of income.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2017, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32 - Top