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My wife and I will be moving to a slightly higher cost part of the country in a few months after her college graduation. Right now, she makes no money, and I make 38k. Once we move and she starts a job, she will make about 57k and I will only be making probably 10-15k (going back to grad school). We want to buy a house before we move, but will we get preapproved for a mortgage of around 150-180k before she starts her job but after she has gotten the job?
We both have clean credit (700+ FICOs) and we have about 10,000 for downpayment/closing costs. I have an 85 dollar student loan payment(which I could defer since I'll be going back to school) and a $234 monthly personal loan payment (total of 4k) that will be paid off in 15 months. That's it for debt. We would also be first time homebuyers.
I know we wouldn't have a problem a few months after we move, but we'd hate to have to move into an apartment for 3 months and then move again to a house and deal with the many hassles of moving yet again.
Calculations and credit scores aside, you might want to get a letter from your wife's future employer giving the details of salary, etc.
I did it 5 years ago when we moved and the bank preapproved our loan for our first house.
The banks want proof that you will be able to pay the mortgage (of course, credit history, loans and downpayment matter)... and a letter will suffice this requirement.
It would also be prudent on your part to tell them that you are expecting significantly less salary when you move..... but you could also say that you will be continuing on your current job, if you want the loan amount to be higher (your call)
I had heard that you could get a letter, but with lenders getting a lot tighter now, I hope it still holds true. I did the same when I needed to rent an apartment in a new town before starting the job that would afford the apartment. Obviously, however, less financial info is needed when just renting a place.
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