Teacher Salary

[divadrekadreke]

Hey, 

I will be graduating in May. My fiance and I are wanting to start the application process once I secure a teacher contract. 

Of course, school wont start until August.If I'm able to secure a contract and job, how will my income be calculated? I will be starting at $35,263 per year for salary. Being that I wont be starting until August, will the lender calculate my salary for the year of 2015 from only Aug to Dec or will they go off my salary?

Im curious about this because it would change the amount my fiance and I will qualify for with our salries combined. 

Thanks for reading!

[wagsk1]

My wife is a teacher also. I was expecting a bit of a problem also because of no work in the summer. They just consider her salary on a yearly basis. I would think you should be fine with the only hiccup being a new job.

[NickiB983]

I'm a teacher - they will look at your salary, although I'm sure the fact that you just started will have an impact.  I am just shy of two years and my LO was asking about my job history and if I have tenure the other day.

[disdreamin]

I was a little over a year into a teaching position when we got our preapproval, and my SO was doing irregular 1099 work at the time.   My less-than-two-years of work history didn't seem to be an issue.  I was able to tell them it was a contract position and by the time we closed I had a letter showing my appointment through the next year which I recall providing to our lender.

[Anonymous]

You are in luck.... I'm a first year teacher and currently going through the underwriting process of purchasing my first home with a closing date of March 9th. Like yourself, I had no income before signing my teacher contract. Fha and USDA allows for recent graduates to qualify for a loan. What they are going to want from you is your college transcripts to prove that you are a recent graduate. They will also want a copy of your teaching contract. You may have to wait two pay periods since they may want two pay stubs. Two years of income taxes and a credit check should be enough for a pre-approval.

[divadrekadreke]

Oh great! Hopefully, the process flows smoothly. Thanks for the info everyone!