Mortgage related question...

Do you think it's possible to be approved for a mortgage on one person's salary alone? I live in NC and I was just wondering if it would be possible. Of course not in NY but thought it might be possible here. That is of course when my DH is working. I was wondering because when we bought the house we're in now we used both our salaries, but our credit cards were completely maxed out, about $25K worth, and our credit scores were much lower too. I've been seriously thinking about becoming a SAHM and only working P/T. The money I spend on daycare for 2 kids I only have about $300 left for bills and I am really missing the kids terribly. I was just wondering if you can get a mortgage with only one income? The reason I'm still working is because I wanted to keep my income so we can buy another house and car. But if it's possible to do that without my income we might be able to do something sooner. Just curious! Thanks!

Re: Mortgage related question...

of course you can get a mortgage on one income.

But it totally depends on what that income is and what you are looking to borrow.
Taking into consideration also other debts and monthly expenditures.

Message edited 1/24/2007 3:09:00 PM.

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You can but a lot will depend on the debt to income ratio I believe so if you and DH have a lot of debt and they base things off only his income that may change everything.
I will say when we bought our second house I had gone down to working PT but the W2's they used were my old ones even though it wasn't accurate for what I make now. Didn't make much sense to me but I don't know a lot about the whole mortgage process.

Did your DH get a job?

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I did because I got a no income check mortgage. But you have to have A+ credit.

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No, not yet but he just heard back from one of the UNC jobs. Not the "big" but a different one. It wouldn't be as much money as the bigger job but hopefully more than what he made here at Duke. They didn't say they wanted to hire him, but they wanted him to fill out a criminal background check form.

If we can get the house to sell for more to pay off the 2nd mortgage, then that would only leave us with a very small amount of debt. The first time around like I said we were maxed out with $25K credit card debt. That's why I've been looking into what we can do around the house so we can sell it for more money.

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Ours was based on Dh's salary alone, they wouldn't even look into mine since we had just moved.

But of course the mortgage broker was able to show Dh was sold to the military for 10 years and would be expecting paychecks for the next 10 years with slight raises. We also had the shadiest mortgage broker in the world with probably helped. He also put that we were seperating and a bunch of other lies in our mortgage.

Just be carefull that your current mortgage doesn't have a prepayment penalty. Our first mortgage did but we sucked it up because it was bad news to begin with and just paid it out.

Good Luck!

My Mom got a job in N. Raleigh!!!

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As long as the money works, they don't care if it is 1 salary or 2.

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Thanks everyone!!! I'll have to see what happens.

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totally....my PT job is off the books, so our mortgage only shows one income

Re: Mortgage related question...

Posted by CaidensMommy

No, not yet but he just heard back from one of the UNC jobs. Not the "big" but a different one. It wouldn't be as much money as the bigger job but hopefully more than what he made here at Duke. They didn't say they wanted to hire him, but they wanted him to fill out a criminal background check form.

If we can get the house to sell for more to pay off the 2nd mortgage, then that would only leave us with a very small amount of debt. The first time around like I said we were maxed out with $25K credit card debt. That's why I've been looking into what we can do around the house so we can sell it for more money.