My husband and I are looking into buying a house this summer or next depending on what we can do. We've been to one bank to get a general information about getting a loan and such and came through a situation.
My husband works full time , however I work part time and we both been almost at our jobs him for two years and mine for a year. The thing is that having part time job might not even count my income for getting a loan?
Also, we are renting an apartment currently and we are wondering what to do if we do end up buying a house and not knowing what is best to do when it comes to our lease ending and then closing on the house still taking long time?
Both good questions ~ I'll take them one by one. Different lenders have varying criteria regarding your part-time income as well as how long either of you have had your positions so I would check out a number of different types of lenders. Just make sure that your credit scores are not being pulled too often. Ask each institution what their usual procedures are before allowing them to access your personal information.
As far as the time lag re vacating a rental and moving into a house after closing? That is always a problem ~ kind of a "which comes first, the chicken or the egg" situation. In general, the closer you get to actually buying a house, the more you should resist signing a long-term lease. It might be that you will have to use temporary housing for a few weeks if the closing doesn't happen on schedule OR you will simply have to accept paying double (rent plus the first mortgage payment) if it does close as expected.
Either way, you need to be prepared for either additional expenses (by setting aside money specifically for that purpose) or researching suitable short-term housing in advance if the same becomes necessary. It does sound as if you have plenty of time to learn this and more ~ good luck with your search for your first home!
You should remember that a lease is simply a contract and contracts get negotiated. If your lease is coming up for renewal before you believe you'll be ready to move ask for a month to month extension or sign a new lease with a 30-45 day no penalty cancellation clause. If you've been a good tenant that usually shouldn't be a problem.
You can arrange for your closing for near the time of your lease expiration. I would start shopping 2-3 months before lease expiration. If you are getting a federal loan FHA or conventional, your first payment should fall approx. 1 1/2 - 2 months from closing, depending on closing date. Use a Realtor and your questions will be answered along the way.
The tricky part is how much notice is required by your landlord. Also you need to know if there is a problem in closing, can you continue to rent on a month to month basis.This message has been edited. Last edited by: real estate lady,
