My wife and I (first-time buyers) would like to buy a house soon, ideally before our lease ends in January.
It's a big desition and we are scared to do mistakes, but we know it's the best option for us.
The thing that she is very concerned about having a mortgage on our name could affect her loan repayment or worse, could affect the ability to request for the desired amount on the mortgage. How should we proceed? Can the mortgage be on my name only and but have her income included for the mortgage? Where it's the best place to search for a mortgage? Is Rocket Mortgage reliable? What interest rate will be considered fair for our credit score? Is the best way to go through a realtor to take care of all of this?
Here some background info:
I am M30, moved to the US 2 1/2 years ago, HS diploma, living in Las Vegas NV, working PT making 55k (by the end of next year should go up 20-25% by becoming FT), no health insurance until FT, No CC debt, Credit score is 766.
My wise is F40, US citizen, College degree, working 25-35h at 17$ per hour, pays for both health insurance, No CC debt, Credit score mid 500. Recently consolidated 2 big student loans from collection and put them into one (281k + 1.9k interest at 7.25% and income based on last year taxes). From January she is also enrolling in Nursing school by paying out of our pocket (1st year she will still working during pre-nursing, then going FT school for the next 2/3 year without working) so eventually her she will be the breadwinner and also could potentially ask for loan forgiveness (as a medical student).
No kids, planning to get a puppy soon, no car payment, 32K in the savings account (willing to use up to 25k for down payment), both of us contributing to 401k with our employer (around 5%),
Monthly income net ∼$5000
Current rent $1100
SO student loan $46 (income based)
Internet $70
Gas+electicity $100
Phone plan $90
Fuel $250
Auto & motorcycle insurance $110
Groceries $500/600
Dining out $500
Edit: regarding my wife's education, she has a Degree in Chinese Herbs and Medicine and a Degree in Math, and the loan became so big because during her school, she has been pulling out loans after loans without paying, and 10 years later that's what came up to. She works in retail that's why the low wage.
Submitted October 30, 2018 at 11:12PM by Dansio88 https://ift.tt/2CR3QGM
