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I am 25 years old, and my husband is 24 years old. I was hired straight out of college as a teacher in 2009 and have 3 years teaching experience under my belt. My husband graduated from college in 2010 (I spent his last year of undergrad teaching), but decided that for his line of work he needed to have a Master's degree to get a job. So right after graduating, he went straight to graduate school. Luckily, he only had to take out $7,000 in loans the first quarter before he got a Graduate Assistant position at the university medical center which paid his tuition for 2 years, plus an additional "salary". After 2 years in graduate school, he got his Master's degree this past June. We have been in an apartment together for 3 years...our rent has cost us about $1,000/mo. not counting our utilities and my car payment (which I am now 2/3 of the way done paying off). I have a nice savings, and we have been able to afford plenty of "extras". We knew we needed to wait until he was gone with grad school to buy a house and start a family, and we were so ready for and looking forward to being able to do these things during the spring or summer of 2012. Unfortunately, I found out around that time that my school district had to cut my position at the end of the year due to budget cuts and financial issues. I am on a 2 year recall list, but was unable to secure a full-time position because lots of local districts had to cut teachers in my content area in the past few years and had to call them all back before being allowed to consider external applicants. Additionally, the positions I *did* find were too far away to justify the gas costs to get to and from work every day. We are obviously heartbroken (and I am actually quite depressed) that we had put our plans to buy a house on hold and just as we are about to, we get this horrible news. My husband did start his job at a local medical center in July, and makes about $10,000 a year more than I did teaching full-time. We really wish we would have (and should have) gotten all of the pre-qualification stuff done anyway late in the spring or early in the summer while I was technically still under contract and receiving pay checks...but I was so stressed out about finding the "right" house and being picky when we drove around and looked and looked for houses online that we didn't end up doing that. Now, I can show my last pay stubs, my bank statements, and my W-2s, but I am currently unemployed. I am receiving unemployment in the mean-time. I have some family members trying to force me into substitute teaching, which I REALLY do not want to do. It doesn't seem like anyone cares about what makes me happy. Only up side to that is that I know lots of people in schools who will use me as a sub (hopefully almost every day in one of a few select buildings), and I have also been asked about doing a long-term (6-8 week) position in my content area. People say it helps get your foot in the door, but I am worried about the fact that I am not guaranteed a job every day, and the idea of not knowing where I will be from day-to-day really bothers me because I am a PLANNER. When we originally met with the mortgage officer, it was his opinion we would qualify, but would have to turn in all the paperwork to get the "official" pre-qualification amount and such. He estimated we could qualify for, and ran some scenarios for, a $210,000 home at a monthly payment just slightly over what we have already been paying for the past 3 years. Do you think we are going to be totally disqualified, or have our numbers drastically change? We estimate that if I can sub most days, I will be at about $10,000 less this year than I was last year and we have found several homes we like in the $170,000-$190,000ish range. Anybody have any thoughts on what they might say? I do have a lot of money in savings (they were impressed last time we talked that someone our age had that much put away), we both have great credit scores, etc. I spoke with the unemployment office and they said I would still get paid the difference in my allowance should I not get enough sub jobs on a a weekly basis to meet my weekly "allowance". Has anyone else been in this situation before to offer some advice and/or personal experiences? We are now over on our lease, so we are having to pay month to month on our apartment now because we didn't want to sign a lease for 9-12 more months. It just sucks that we CAN afford the same monthly payment (or a couple hundred more) as we have for the past 3 years, without being in any huge financial hurt. The idea of not being employed full-time right now and essentially "throwing away" over $1,000/month on RENT instead of putting it towards something we will eventually OWN is killing me. I am absolutely positive this subbing thing will only be for this school year, and I will have something lined up for the next school year...and believe me, I am still making contacts to at least get my name and resume out and keep bugging schools, and I will hit the pavement hard come February when schools start to see what kinds of hiring decisions need to be made for the upcoming year. And IF, in the unlikely event that I don't get a full-time teaching job then, I will step away from subbing and find something outside of my field that is full-time and will pay at least the same salary was what I was making for the past 3 years.
Last edited by fullofquestions1; 09-05-2012 at 11:37 PM..
You would have to ask the mortgage company you want to go to if you WILL be approved. No one on this forum generally knows ALL of the information no matter what you write. So instead of wondering what total strangers will say and what they think about how "good" your chances are at being approved, there is only ONE way to KNOW for sure and that is to go to the mortage company and apply since they have the money and will be signing that check.
I can give you a good idea if you will get approved but you need to break that scenario down into multiple paragraphs. That is very tough to read.
How long have both of you been at your current job?
Are you W2? If so how long?
How is your credit? Do you both have 3 open and active tradelines?
How much of a down payment can you put down?
What do your tax returns look like for the last 2 years?
Basically your credit history, tax returns, asset statements, current income, and job situation will determine if you will get approved. If you dont have a solid 2 years in any of those it will be tough to get approved.
My eyes are bleeding, but I think I got the idea. Sounds like you had a job, talked to a lender, and were intending to buy, but then you got laid off, but your husband got a good job making ballpark same money as you had previously, but now you are unemployed.
Two comments:
One of the requirements for most lenders now is not only that you have sufficient income, but also sufficient time at your job. Since your husband has only been employed for a couple of months, he likely doesn't meet that requirement, and since you are now unemployed, you don't either.
Secondly, you commented that you wish you had gotten prequalified while you were still employed. It wouldn't have mattered. The lender follows up with requests for current paystubs right before closing, and if you couldn't produce them because you weren't working anymore, they wouldn't have let you close the loan.
Save up some more money, pay off your remaining debts and get back to work. Talk to the lender to find out how long you (or your husband) need to be on the job before you will qualify again. It used to be 2 years, but I think that has softened a little bit. Also, sometimes they count time if you were employed in the same field, so perhaps your husband's time working while in school might count for something. Ask your lender that too. And if you are substituting regularly, with a paycheck to show for it, that could shorten the time, as well, so ask that too.
*Edited to say also: Don't forget to breathe a little bit, too. It sounds like, despite the layoff, you are still in a much better financial position than most people your age. You are still very young. It isn't the end of the world to rent for a few years.
Tried to fix it since the OP probably won't do it.
Quote:
Originally Posted by fullofquestions1
I am 25 years old, and my husband is 24 years old. I was hired straight out of college as a teacher in 2009 and have 3 years teaching experience under my belt. My husband graduated from college in 2010 (I spent his last year of undergrad teaching), but decided that for his line of work he needed to have a Master's degree to get a job. So right after graduating, he went straight to graduate school.Luckily, he only had to take out $7,000 in loans the first quarter before he got a Graduate Assistant position at the university medical center which paid his tuition for 2 years, plus an additional "salary". After 2 years in graduate school, he got his Master's degree this past June.
We have been in an apartment together for 3 years...our rent has cost us about $1,000/mo. not counting our utilities and my car payment (which I am now 2/3 of the way done paying off). I have a nice savings, and we have been able to afford plenty of "extras". We knew we needed to wait until he was gone with grad school to buy a house and start a family, and we were so ready for and looking forward to being able to do these things during the spring or summer of 2012. Unfortunately, I found out around that time that my school district had to cut my position at the end of the year due to budget cuts and financial issues. I am on a 2 year recall list, but was unable to secure a full-time position because lots of local districts had to cut teachers in my content area in the past few years and had to call them all back before being allowed to consider external applicants. Additionally, the positions I *did* find were too far away to justify the gas costs to get to and from work every day.
We are obviously heartbroken (and I am actually quite depressed) that we had put our plans to buy a house on hold and just as we are about to, we get this horrible news. My husband did start his job at a local medical center in July, and makes about $10,000 a year more than I did teaching full-time. We really wish we would have (and should have) gotten all of the pre-qualification stuff done anyway late in the spring or early in the summer while I was technically still under contract and receiving pay checks...but I was so stressed out about finding the "right" house and being picky when we drove around and looked and looked for houses online that we didn't end up doing that. Now, I can show my last pay stubs, my bank statements, and my W-2s, but I am currently unemployed.
I am receiving unemployment in the mean-time. I have some family members trying to force me into substitute teaching, which I REALLY do not want to do. It doesn't seem like anyone cares about what makes me happy. Only up side to that is that I know lots of people in schools who will use me as a sub (hopefully almost every day in one of a few select buildings), and I have also been asked about doing a long-term (6-8 week) position in my content area. People say it helps get your foot in the door, but I am worried about the fact that I am not guaranteed a job every day, and the idea of not knowing where I will be from day-to-day really bothers me because I am a PLANNER.
When we originally met with the mortgage officer, it was his opinion we would qualify, but would have to turn in all the paperwork to get the "official" pre-qualification amount and such. He estimated we could qualify for, and ran some scenarios for, a $210,000 home at a monthly payment just slightly over what we have already been paying for the past 3 years. Do you think we are going to be totally disqualified, or have our numbers drastically change?
We estimate that if I can sub most days, I will be at about $10,000 less this year than I was last year and we have found several homes we like in the $170,000-$190,000ish range. Anybody have any thoughts on what they might say?
I do have a lot of money in savings (they were impressed last time we talked that someone our age had that much put away), we both have great credit scores, etc.
I spoke with the unemployment office and they said I would still get paid the difference in my allowance should I not get enough sub jobs on a a weekly basis to meet my weekly "allowance". Has anyone else been in this situation before to offer some advice and/or personal experiences?
We are now over on our lease, so we are having to pay month to month on our apartment now because we didn't want to sign a lease for 9-12 more months. It just sucks that we CAN afford the same monthly payment (or a couple hundred more) as we have for the past 3 years, without being in any huge financial hurt. The idea of not being employed full-time right now and essentially "throwing away" over $1,000/month on RENT instead of putting it towards something we will eventually OWN is killing me.
I am absolutely positive this subbing thing will only be for this school year, and I will have something lined up for the next school year...and believe me, I am still making contacts to at least get my name and resume out and keep bugging schools, and I will hit the pavement hard come February when schools start to see what kinds of hiring decisions need to be made for the upcoming year. And IF, in the unlikely event that I don't get a full-time teaching job then, I will step away from subbing and find something outside of my field that is full-time and will pay at least the same salary was what I was making for the past 3 years.
I would actually say the husband's short job history very likely does qualify. This is assuming the position is a full time salary or 40hr/wk hourly type position. If there is commission or bonus, that would not be able to be counted.
A college graduate can come out of school, get a job and qualify for a mortgage right away. They don't need a two year history.
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