Top Tips and Advice for 1st Time Homebuyer, Uncertain Job Status

[Anonymous]

Absolutely. I too had a prime CS and only min CC payments as debt. I read all the horror stories on here about everything that could go wrong and am happy to say none of that happened. I think banks will let you get away with a little more if you a good CS and low DTI.

[Anonymous]

---

@supervelous wrote:

---

@Anonymous wrote:

You sound like you have a good head on your shoulder.  I understand the people wanting you to buy but with your job situation uncertain, you are better holding off until your job situation is stabilize.

Taking a mortgage is no small feat.  You want to have the job aspect down knwoing you are going to be able to afford the future mortgage payments.  Yes, your fiance wants to help but nobody knows what the future holds.

So I'd hold off if I were in your shoes.

---

Thanks!  I'd like to think I have a good head on my shoulders too, I am just so torn.  Practically I want to put huge life decisions like this on hold while I have uncertainty.  But also want to provide good life for my future wife and family.  Interest rates are still very low for now, I am hopeful prices will continue to rise.  The uncertainty is going to last another year most likely as well.  But while I'm here they are compensating me nicely AND paying 100% for my MBA.  So I don't think I'd jump ship unless for a truly amazing opportunity.  

Maybe I go with a much lower house than I can afford based on our current income.  Just so sick of renting all these years.   

---

Sounds like you have a solid plan.  I do agree with you on the renting aspect.  If your current employment will last until 2017 then I'd say go for it.  Go for something affordable just incase you know...

[tacpoly]

If you're going to risk getting a mortgage knowing that you will likely be unemployed by the end of the year, you better make sure that you can cover mortgage, taxes, and other fees with just your girlfriend's income.  There are lots of expenses in buying a house outside of the mortgage (and associated fees):  property taxes, repairs/upkeep, upgrades, insurance, not to mention new things you'll want to have in your new house. 

My first house was totally move-in ready but I still felt I was going to Home Depot every other day!

Also, how much savings do you have?  Will you have reserves after your downpayment (in case you do become unemployed)?  What are the prospects in your industry in your area (so you will not be forced to move for a new job soon after purchasing a home)?  Will it be easy to find a new job in your area?  Is there demand for new MBA's from your school in your industry? (nowadays, an MBA is no guarantee of a good job)

[Ragelog]

I'd advise get her income on the books. Tax fraud which is what that is isn't a crime taken lightly when caught.