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My wife and I are looking to buy our first house (we've both been longtime renters) in the next 12 months, most likely in the January-February timeframe of next year. We're looking at houses in the DC area, and most of the ones we're looking at now (just to see what's on the market) are in the $600k-$750k range.
Here are our stats:
My wife has a great credit, employment, and tax profile. 14 years of steady employment, credit score in the upper 700s, and as uncomplicated a tax profile as you can think of.
Me, on the other hand...I've got some major issues that are really making me worried about our ability to buy anytime soon:
I'm really concerned about the lack of steady employment and the low AGI. Have I torpedoed our chances of buying a house anytime soon?
those business losses are a hurdle.
unless the other income is enough to qualify, your $22K wont buy much
Loan officers usually look at the past two years of tax returns, right?
If that's the case, then if we wait till next January/February and have filed our taxes by then, the loan officer would be looking at 2016 and 2017 returns, correct?
I'd think, worst case scenario, that'd be AGI of $74.5k for 2016 and $160k+ for 2017.
right.
2yrs.
It sounds like a tough scenerio to get past an underwriter. Is there any oppurtunity for your wife to buy on her own?
@hajew86 wrote:It sounds like a tough scenerio to get past an underwriter. Is there any oppurtunity for your wife to buy on her own?
I doubt it, unfortunately. Based on the variety of home affordability calculators I've played around with, looks like she'd be able to afford something up to the $350k range, which doesn't fly around here.
I guess we'll have to wait until after filing our 2017 taxes to start the process in order to have at least one year of decent income accounted for.