Question about two-year income requirement

[ChemGuy]

I had been employed as a professional with income over 100K when I decided to pursue a full-time MBA--so I have only worked 3 months of the past 2 years.  I will finish this coming May, I have signed on to a new job that starts in June and my wife is wondering if we will be able able to buy a house before the end of the year?  My wife has worked continuously for the past two years. So, we think she could qualify outright--but she only earns half of our combined income.  If at least one spouse can show two years, is it good enough for qualifying for a large mortgage that will require two incomes?  Also, would I be able to get around the two-year requirement with an FHA loan instead of a conventional loan?  Thanks for the info.

[Anonymous]

if you applied right now, you would only be able to use your wifes income.  If you applied after you get out os school and have started working, they will probably be able to count your income.  It is the underwriters discretion, but they generally count full time college towards the 2 year rule as long as you have graduated and are working in the field of study.  Now if you have are going into a field that is not directly related to your filed of stuy it would probably be an issue.

[ChemGuy]

Thanks.  It seems to me that the underwriter would only want to see some signs of stability.  I'm returning to the same company I worked at for 7 years before pursuing the MBA, so it shouldn't be hard to see that I am stable.  Thanks.