I had my son two years ago and right now I work part time 24-32 hours per week with no benefits and it works out. my family have benefits through my husband job. I reacently got offord a full time postion with benefits. I really don't want ot work full time because it will be taking time away form my son but we are saving our money and plan to buy a house next year. Do we both have to work full time or just have the funds needed to purchase the property?
2007-06-05 12:13:13 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
To buy a home, you only need sufficient funds for the down payment and closing costs along with sufficient income to make the payments. As long as you buy within your means, you should be OK. You do NOT need to both work full time.
If I could make a suggestion, though. When it comes time to qualify for your loan, have them work up the numbers using only your husband's income. If you can find a decent place within that limit, go ahead and buy it. That way you will not be overextending yourselves and will be much more likely to survive any financial emergencies without losing your home. Far too many people buy at the upper limit that they qualify for and wind up losing their home because they just can't afford it when even a minor emergency comes along.
2007-06-05 12:22:52 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
The short answer is No, all you have to do is be able to qualify for a loan with your credit and current income. Banks/Lenders do not care if you are full or part time as long as you make enough to qualify for the loan. The good news is you sound like you are on the right track by saving money and considering what you will need to do to buy in the near future. The thing to do is contact a local Realtor and tell them of your plans to purchase and they can help you even now, they can reffer you to a bank/lender that they know and trust will do a good job for their clients. I work for a National Real Estate Company and would be happy to refer you to a good agent in your area. Email me at srmheath@yahoo.com if you are intrested. Bottom line if you don't need the money now, I would countinue doing what you are doing. It is great that you can work and be there for your son! Best of luck
2007-06-05 19:24:25 · answer #2 · answered by Rosie 4 · 0⤊ 0⤋
I think you should spend more time with your son. He won't be little forever and family is important.You can work part time, it'll just take some more time till you save up for that house.
2007-06-05 19:22:56 · answer #3 · answered by m○○♥m○○ 4 · 0⤊ 1⤋
you manswered your ? you said you really don't want to work-there you go
2007-06-05 19:19:43 · answer #4 · answered by ardw7 4 · 0⤊ 1⤋