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Can I count my wife's income even though she hasn't gone back to work yet?

When our kid was born my wife quit her job. She plans to go back to work part time in May, right around the time when we would like to buy our first home. When we go to pre-qualify for a loan will we be able to count her income when calculating our debt to income ratio? by richwi_565_718 from Baldwinsville, New York. Sep 20th 2011 Reply


Kris Aroche (karoche83)
#58 ranked lender in New York - 1 contribution

she must have a month at the job to do so

Sep 20th 2011
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John Schweer (johnschweer)
#10 ranked lender in Missouri - 163 contributions

part time work must have a work history, if she was working part time and going back to the same job and hours etc then you may be able to there would be more to it than that. part time is the key word feel free to email me directly if you want to discuss it further or in more detail.

Sep 20th 2011
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Assuming your going FHA, as you indicated you are first time home buyers, the guideline states that any gap in employment must be explained, however if the TOTAL score card comes back Approved/Eligible, then no explanation is necessary. This might sound confusing to you, but this is FHA's approval process, and this only relates to FHA insurance. FHA does not lend on homes, they only insure loans against default. The lender who has the $$ will usually have their own overlays that might not allow her income to be considered, depending on how long the gap was between jobs. However this only applies to Full Time Employment.. if your wife plans on getting a Part Time Job, then investor overlays most likely will not approve her income... WilliamAcres.com

Sep 20th 2011
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To: Baldwin, NYRegardless if the loan is Fannie Mae, Freddie Mac, FHA or USDA, etc you can not use her income to qualify until she is receiving it and has a pay stub to document the file. If your wife goes back to work full time she must provide an offer letter from the employer and have received her first pay stub or one months pay stubs. If she goes back to work part time she must be on the job for 2 years before using the income to qualify. If you have any questions please feel free to contact me.Thank you.Jeff Mitchell, PresidentABC 123 Mortgage, Inc.798 Route 9, Suite DFishkill, NY 12524845-896-5500, Ext. 101Fax: 845-896-5686jm@abc123mortgage.comwww.abc123mortgage.com Registered Mortgage Broker, NYS Banking Dept., 3rd Party Providers :)

Sep 21st 2011
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