Wait for spouse to be done school before buying?
Looking at buying a property around $850K, have around $200K saved for downpayment. Currently making roughly $130K.
My spouse is in school with no income but will be done at the end of this year and already has a job lined up for the new year making roughly $45K. They also have roughly $15K in student loans that they should be able to pay off within 2-3 months using some existing savings. We both have good credit scores of roughly 800.
The plan is for both of us to sign for the home and mortgage.
Would putting my spouse on the mortgage application along with me while they are in school compromise our chances at good rates?
How long after my spouse has started working and making money should we wait until we can apply for a mortgage where our combined income can be considered?
Is it best for my spouse to pay off their student loan entirely before applying for a mortgage with me?
Basically at what point should be apply to have the best chance at getting the most favorable rates for our mortgage?
My spouse is in school with no income but will be done at the end of this year and already has a job lined up for the new year making roughly $45K. They also have roughly $15K in student loans that they should be able to pay off within 2-3 months using some existing savings. We both have good credit scores of roughly 800.
The plan is for both of us to sign for the home and mortgage.
Would putting my spouse on the mortgage application along with me while they are in school compromise our chances at good rates?
How long after my spouse has started working and making money should we wait until we can apply for a mortgage where our combined income can be considered?
Is it best for my spouse to pay off their student loan entirely before applying for a mortgage with me?
Basically at what point should be apply to have the best chance at getting the most favorable rates for our mortgage?
