1st Time Home Buyers Loan Approval?
Posted: Wed Jun 23, 2004 6:59 pm
My wife and I are first time home buyers (or will be very soon) and we have some concerns with the loan approval process. If anyone can give us advice and/or support, we would greatly appreciate it. I am finishing a doctoral degree in Epidemiology and will be relocating to the Chicago area to start employment in early September. My wife has a Master's degree in Speech Pathology and has worked in a school system for two years. She will also begin employment with a new company in August when we relocate to Chicago in a month.
We have found the home of our dreams in the Chicago suburbs (Pulte Mortgage) and have submitted our loan application. I am terribly worried about loan rejection, which would ultimately prohibit us from obtaining this particular home. Our current monthly income is low since I am in doctoral student status, and we are living off of my wife's income. However, we both have contracts for our new positions in the Chicago area. Our combined gross monthly income will be $10,666 (annual = $128,000) and our new home purchase price is $340,000. We have already submitted $15,000 in earnest money and have $6000 saved for closing costs. My wife has perfect credit (although not a long history), with scores of 724, 734, and 749. My credit history is somewhat jaded, but I still have scores of 669, 683, and 684. We are worried that a lender will reject us based on credit scores and the fact that we are not yet on the job (although we do have contracts).
I hate to burden anyone with this, but we have no experience in this area and desperately want our home. Any comments or feedback is greatly appreciated.
We have found the home of our dreams in the Chicago suburbs (Pulte Mortgage) and have submitted our loan application. I am terribly worried about loan rejection, which would ultimately prohibit us from obtaining this particular home. Our current monthly income is low since I am in doctoral student status, and we are living off of my wife's income. However, we both have contracts for our new positions in the Chicago area. Our combined gross monthly income will be $10,666 (annual = $128,000) and our new home purchase price is $340,000. We have already submitted $15,000 in earnest money and have $6000 saved for closing costs. My wife has perfect credit (although not a long history), with scores of 724, 734, and 749. My credit history is somewhat jaded, but I still have scores of 669, 683, and 684. We are worried that a lender will reject us based on credit scores and the fact that we are not yet on the job (although we do have contracts).
I hate to burden anyone with this, but we have no experience in this area and desperately want our home. Any comments or feedback is greatly appreciated.