Getting approved for a loan…?

Question

I’m so nervous and excited! My husband just got a teaching position at a huge high school 3 hours away from our small town. We’re moving! 
We’ve been living on a farm and have a 3 year old and 5 month old. Living in an apartment is not something we want to do but may have to do. 
My husband has great credit. However, for the past year & a half he’s been teaching international students online (not taxable so pretty much self employed)
A farm hand and a substitute teacher all while getting his masters degree 
Will it be hard to get a loan? He now (finally) has this new job as a high school English teacher, but wouldn’t a lender be hesitant to give a loan to someone who just got a good paying job? I do have a $20k down payment. Would that help getting a loan? We also have family who would co-sign. 
We found the house that we love & it’s in a wonderful area. It’s in our price range too. We went to look at it two days ago and it’s perfect.
1930’s home. Beautiful on the inside!!! Great location. $100,000

Answer

With that much of a down payment I wouldn’t be too worried!

Answer

Usually they want you to be at a job for a while. Try to get pre-approved and see! It's only $100,000 versus $500,000. They might do it with that much down.

Answer

Talk with a realtor in the area you are buying. A good one will be able to get you in touch with a mortgage lender who specializes in loans for people who are self employed. Going with a local lender is better because they are more willing to work with you to make the situation work. 
Also check into down payment assistance programs. There are many options especially for teachers.

Answer

Wow that’s a steal! I think having that large of a down payment, plus the price of the house itself, it will be no issue getting a loan. Good luck!

Answer

When we first looked at houses I had the same situation. I had just finished my masters (in special education) and had just gotten a new job. We went through a bank and were told that because of our situation (newly graduated) they will over look the job being new. My husband had been at his job for 6+ years at that time which helped. Our credit was good, our debt to income ratio was not bad at all, and we got approved for $150,000. Our house was $98,000, we put down $10,000, we did not have to pay all the extra fees some first time homebuyers end up paying (like mortgage insurance). We ended up with a 15 year mortgage and are more than half way through it now. We pay $900 a month and that includes all taxes and insurance plus a little extra on the principal. I am now a SAHM so the lower monthly payment has been a big help. Good luck on everything!

Answer

I would get preapproved, we were super nervous because others who definitely made more money than us had shared how much they qualified for and could barely afford homes in our overpriced market- come to find out some of those people must have a LOT more debt because we out-qualified them 😳 you never know until you try!

Answer

It’s beautiful! I love a screen porch! Light rain with a good book. Or I can imagine my kids and I out there on it. 🥰🥰 hope you guys get it!! 🙏

Getting approved for a loan…?

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