New to site and eager to learn how to fix our credits (low 600s)
some info:my fiance is in college to be an anestatition (sorry bad speller) and well double his income. My job has just been deleted from state budget (out f work as of next month) in NH and we also foster children. He is aArmy Vet from and family is in Illinois as well as active openings for my field of work. So we are moving in 2013 after he grads.
We are prob going with a VA loan.
Our questions are~ will us both starting new jobs after moving cross country effect our chance of being approved? Or will it be seen as a good thing because we are increasing our income?
Thanks so much
Starting a new job is typically not a problem as long as you're working in the same field and don't have terribly long gaps between jobs.
This doesn't appear that this will be the case for you and your husband.
Your husband will be starting a new job in a new field. Though he'll be making more money, most lenders would like to see you have an employment history of at least two years in the same field before approving someone for a mortgage.
If you don't plan on working again until the 2013 move, you'll have the issue of not having any employment history over the past two years, so any income you make at a new job in Illinois, may not be considered either by the lender.
thank you heavanly1...very helpful.
we foster with differnet agencies, but with this new info we will def stay with 1 agency from this point on so that we well have the 2year work history.
now i just wounder if lenders will consider working for a foster care agency (its tax free stippand not reported as income) as real employment.
my auto loan did, but required my check stubs.
I do not think they will. Foster care money is meant more as reimbursement for expenses incurred/pay for expenses to come (hence it is not taxed) I could be wrong but I do not think so. PLus foster care pay can come and go at yourwhim or the state agency that oversees it. Even with regular child support you have to show that it is going to be good for 3 more years and has been steady. The likely answer is that you are going to have to wait until you are both in the new area and have establioshed yourselves before buying. How long that means will depend on to omany factors for us to address in this post (besides that it is 2 years from now and any information found now could easily be inncaurate then.