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Old 08-29-2017, 08:39 AM
 
202 posts, read 352,753 times
Reputation: 218

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My husband and I live in Austin, and would like to purchase our first home in the next year, year and a half. I just wonder if it's doable in terms of our income. Lets say for the 2017 tax year our income will be 45k..maybe a little more (i had to take some time off from working)....but the new job my husband just got (same industry, just a higher up position)...will be bringing in 5-6k a month...that's before me even working again....my question is....if we want to apply for a home, can they use the 2017 w-2 and return and then his pay stubs from most of 2018 that will show that he is bringing in 5-6k a month?? Or should we wait until after taxes in 2019?? If it matters, we have good credit, will have money in savings to show for, and low DTI ratio. We are looking to purchase a home at or around 200k, in one of the smaller cities outside of the Austin metro (hubby goes all over state for his job, so it really doesn't matte where we live). I just want to know if this is a pipe dream or if we actually have a chance of possibly qualifying for a mortgage
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Old 08-29-2017, 06:54 PM
 
Location: New Braunfels, TX
7,130 posts, read 11,836,061 times
Reputation: 8043
Do yourself a favor - here, you're going to get opinions.....talk to a mortgage lender and ask them.
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Old 08-30-2017, 09:30 AM
 
Location: Austin
7,244 posts, read 21,811,238 times
Reputation: 10015
The lender is going to want to see your last 2 years' W2s and tax returns. They will also get your tax transcripts. They will never not care about your past income. As for the current income, the lender will obtain a VOE, Verification of Employment. Your husband's job will tell them what his current pay is, and the paystubs will show a year to date income. The lenders take the year to date number and multiply it out to confirm actual numbers.
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