This is a slightly confusing situation, but I'd love advice. I'm relocating to Oregon this fall with my children. I'll be attending graduate school and will have a teaching position that will pay my tuition and will give me a monthly stipend, so I'll have a small income, but definitely not enough for a mortgage. My husband will not be coming with us just yet--his company has offices out there, so we're hoping the transfer will happen soon, but we don't know when just yet. He's also looking for a new job out there just in case he finds something that would match his current salary. Here's what I'm hoping to do along with my concerns:
I'd like to potentially buy a home, as rental prices are higher than a mortgage would be in the town we're relocating to. I have no doubts about being happy in this town, and we will be there for 2-3 years at the very least, probably much longer.
We currently own a home in Illinois, which is our primary residence. One way or another we will be selling it. I don't think we'll have trouble--if we do, we won't even think about buying. But assuming we get it under contract fairly quickly, I'm estimating that we will come away with at least $10,000 at closing, which we will use as a down payment on a house. My husband will move in with a friend and will live here in Illinois rent-free while continuing at his current job, and I'll move into our new place in Oregon.
We've owned our current home for nearly 4 years and have made payments on time every month. Our credit is not spotless but is okay--his is over 700, mine is about 650 (waiting for some old judgments to fall off, but haven't had so much as a late payment since 2008). I know his income would cover the mortgage we'd need, but here's my concern: he worked for the same employer for 7 years until their offices closed and he was laid off. He was unemployed for about 2 months, then began working part time, then got a full-time position that was quite a bit better pay than his old job, where he worked when approved for our current mortgage. He's in the same line of work--sales--but he did have a 2-month period of unemployment. Also, not sure how it will work if he's living here and financing a home there. It would be MY primary residence, but not his.
I'm probably missing some details here so please just ask if you can't figure anything out. Thanks for any input!
