have you ever heard of income splitting...so that your partners splits his income and makes it look like you have earned money on your taxes...can this benefit us in buying a new home?
We have tried for a year so far and NO ONE wants to see us in a new home, because my husband is theone who works (trades) and I stay home with the kids...the shitty part is, they like to see 2 incomes coming in.
Another thing is I know I am not the only stay home mom, and I see couples like us living in these nice new homes...how do they do it???
And not all of them have great credit either?
2007-01-07 18:09:41 · 7 answers · asked by Anonymous in Pregnancy & Parenting ➔ Parenting
If you know these people with the new homes well enough to know they do not have great credit, you certainly know them well enough to ask them how they did it.
Here in the states there are many programs for first time buyers. Special houses built, certain real estate agents usually list these, and the houses come with great financing and up to $15,000 forgivable on the loan if you live in it for 5 years or more.
Call an agent in your town. I bet they have similar programs there for first time buyers.
M
2007-01-07 18:15:28 · answer #1 · answered by maamu 6 · 0⤊ 0⤋
Hi, fellow stay-at-homer Canadian! I'm from Sask.
Income splitting is just regarding federal income taxes, and though the federal government considered it for regular families, it won't be included in this year's taxes - they are only implementing it for seniors.
That, however, has nothing to do with buying a home.
My husband is in the trades, too, so I know what you are going through. The problem with getting a mortgage is usually having long-term employment, which is sometimes a problem with guys in the trades, who tend to have to job-hop. The bank wants to see stability. Also, there's the issue of the downpayment. Even though for first-time home-buyers, there is the five percent downpayment, that can be a lot of money you have to have up front, depending on where in the country you are. They also look at the credit history of you and your husband. If you owe a lot on credit cards, or have a bad history of not making regular payments, this will affect your chances.
Have you been with one bank for a long time? If so, they will know you and be able to help you out better. Otherwise, maybe try dealing with a real estate company, who can help you with getting a mortgage.
Remember, though, you decided to be a stay-at-home mom for a reason, and that may require the sacrifice of staying a renter for a while. There is nothing wrong with that.
2007-01-07 20:43:37 · answer #2 · answered by Lydia 7 · 0⤊ 0⤋
I'm Canadian.........I got a mortgage on my own (one income) without any problem. I don't understand how only one income can stop you from getting a mortgage. Do you have enough for a down payment? Did you see a mortgage broker? Don't bother with the banks, you can get a much better deal with a broker. Get a copy of your credit report from Equifax. Maybe there is something on there that makes you a poor credit risk. As for income splitting........the gross income would be the same amount of money so I don't know what difference that would make. You would have to ask someone who deals with finances. Actually that would be a good question for a mortgage broker! Keep trying and good luck.
2007-01-07 18:20:35 · answer #3 · answered by kitty-mama 4 · 1⤊ 0⤋
I think that is discriminatory against you as a woman who has chosen to accept a very important job. I would just find some part time job, get a few months of paychecks behind you and once you are in your home, quit. If you husband is in the trades can you not see about going through his credit union. Also there are programs to put money away for a home. I know that you could also see a mortgage broker that works through real estate companies because they have lower standards like the credit unions do. I wish you luck and respect you for staying home with the children.
2007-01-07 18:15:01 · answer #4 · answered by Deirdre O 7 · 3⤊ 0⤋
I have never heard of that. We had no problem purchasing a home when I wasn't working. My mom never worked when I was growing up either, and my parents had no trouble getting into a home.
2007-01-07 18:25:09 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I have never heard of such a thing. Income is income and mortgage companies don't care how you make it. They want your business.
2007-01-08 01:10:00 · answer #6 · answered by KathyS 7 · 0⤊ 0⤋
WHAT DO U MEAN??
2007-01-07 18:37:58 · answer #7 · answered by maak 2 · 0⤊ 0⤋