Home buying and length of employment

[wsenefeld]

The wife and I have been renting for several years now and are finally ready to buy a house. She graduated and received her nursing degree about 3 months ago. She's also secured a job that she sees herself staying at long term. We are wanting to start serious house shopping in April. By then I will have been at my job for 6 years and she'll have been at hers for 6 months.

My question is whether or not the lender will consider my wife's income since she will have only been employed as a nurse for a short time. She has a great work history prior to graduating but who isn't going to take a significant pay increase once they graduate as an RN. Thanks

 

[IndyGunworks]

I believe most of the credit decisions are going to be based on the last two years W-2's.... In your wifes case they probably wont reflect highly. I have been wrong before though.

 

[spec4]

You should be fine having your wife's income counted as there is a high probability that it will continue. I'm confident her income will count under Fannie Mae/ 'Freddie Mac quidelines.

 

[Roland of Gilead]

If you have good credit the lender will quilify you for an insane amount.

The bank will look at median income over the past few years. The bank does not view a job change if you stay in the same career. Nurse going to a different hospital, electrician moving to another company ect.

 

[SMiller]

Lender wanted 1 year employment.

Only YOUR lender holds the answer to your question.

Unless you trust your lender with your life I would be talking to several, we ran into several that were flat stupid before finding one awesome guy who got it done with zero bs.

 

[Jwmeador]

The wife and I have been renting for several years now and are finally ready to buy a house. She graduated and received her nursing degree about 3 months ago. She's also secured a job that she sees herself staying at long term. We are wanting to start serious house shopping in April. By then I will have been at my job for 6 years and she'll have been at hers for 6 months.

My question is whether or not the lender will consider my wife's income since she will have only been employed as a nurse for a short time. She has a great work history prior to graduating but who isn't going to take a significant pay increase once they graduate as an RN. Thanks

From my experience it does totally depend on the lender. My wife only had a year after school as a hygentist and they accepted here income at Salin Bank in Edinburgh, IN. I think some banks consider college prior work experience as well

 

[Moparracer89]

I ran into the same situation after my wife graduated nursing school. Our first house was in my name only and it worked out just fine.

 

[DragonGunner]

Credit score is what can help no matter what….the higher the better. We bought our house and lender said she couldn't believe my credit score, bought a car last week and dealer and manager came out to shake my hand and said I they had never seen a higher score, had no problems getting a 4 years loan that I will pay off in 2 years or less. Same with all my loans they get paid off long before they are due. And I make money off credit cards, never paid interest and the Cabela's visa just keep buying me stuff. Is 884 CS good?