So this is probably a dumb question, but my wife and I have found a home that we love and we want to get it but right now we cant afford it. In a few months she will be graduating college and we will be able to afford it then, but its summer and its a really nice house.. so i doubt it will be there, anyone have any…
Be patient. Homes are a dime a dozen. There are always more coming on the market. This is a horrible time to be an anxious buyer. Sellers are tripping over each other trying to find a buyer.
There is a good chance this one you found will still be there in a few months. And then you will have a better idea how much it is currently over priced.
You need about 6% in cash for downpayment and closing costs. so make sure you have that ready. do not apply for any loans in the interim and make sure you pay every bill on time. No car loans! new grads always want new car. Don’t do it until you have a house.
you can wait until your wife has a job and then buy a home or you can buy a cheaper house. how do you know that when your wife gets out of college she’ll get a job? have you not been reading the news lately?
also, you won’t qualify for a mortgage based on speculative income. nobody does “stated income” loans anymore. everything happens for a reason and if you can’t afford the home today, then you shouldn’t do it, period.
edit: again, she must actively “have” the job. the fact that the job is on hold for her means nothing to a lender. it may seem like a done deal, but anything can happen prior to her actually starting said job.
The best thing to do is to wait until you can actually afford it. If you cannot afford it right now, then there is no way a bank will even approve you for the mortgage in the first place. There are PLENTY of nice houses out there, so don’t rush into something and regret it later. Everything happens for a reason…..if the house is not there in the summer, then it wasn’t meant to be!
If the house is for sale you could put a contract on it with the option to purchase it at a certain date. The owner would have to agree but the market really stinks right now and you never know what a seller will agree to.
I have great news for you. You probably wont qualify for the house anyway. Just be patient, there are houses going up for sale every day. Don’t be to eager on any property you wish to purchase, you will be taken advantage of by the seller, the Realtor, and your mortgage broker.
it is about servicing the debt and if you cannot then you will not get a loan. She needs to just get a job after graduation and then using her school time as other in the employment section of the application with transcripts you can qualify to buy in a short time
Your only choice at this point is a lease option, where you rent/lease the house until you are in a position to buy.
Be cautious here, make sure if your attorney does not draw up the contract, that he reviews it.
there will always be other houses, don’t rely on what may happen when your wife graduates rely on when it happens