Hi guys I need some advice. My fiancé and I are looking at buying a house in Dallas (I am a Texas resident and work remote out of Texas). I have worked at the same company for over 3 years, including 2.5 years while attending college before coming on full-time about 6 months ago. My fiancé works in Southern California in the automotive industry. We’re moving to Dallas for better affordability in housing. Both of our credit scores are around 800. The problem is, alone I could probably get a loan around $230k. He doesn’t have a job lined up in Texas, and he’s only been at his current job for a year, with his previous job also lasting a year. Is it a good idea to try to buy the house together using both our credits and incomes, or should I just use my income and credit since we’re not married yet?
If he has no qualifying income then yes it would be in your best interest to apply alone as you would not have to count his debts against your income.
Mikel said:
If he has no qualifying income then yes it would be in your best interest to apply alone as you would not have to count his debts against your income.
He has a good income in SoCal, and most of the houses we like would probably push the loan to $260k, which is very doable with him only making $30k a year. But I feel like we might get denied because of his job changes even if he had proof of a new job in Texas.
@Ellis
You mentioned he has a 2-year history in his field. But if he only makes $30k/year, his value depends on what monthly obligations are on his credit report.
Mikel said:
@Ellis
You mentioned he has a 2-year history in his field. But if he only makes $30k/year, his value depends on what monthly obligations are on his credit report.
Actually, he has 6 years in the field, just 2 years at this particular job, making roughly $70k in Los Angeles. Thanks for the clarification, it really helps. I’m just trying to figure out the best course of action for us.
@Ellis
You’re going to hear a lot of advice about not buying jointly if you’re not married, and it’s sound advice. Buying a house together essentially financially binds you like marriage would.
The issue seems to be his prospective income in the new state. If you’re moving to Texas, lenders will want to see proof of income that supports your current income levels. If his job in California is remote or he often works in Texas, this might satisfy lender requirements. Otherwise, his income might not count until he secures a new job in Texas, which might offer a different salary due to the lower cost of living compared to Southern California. You might consider moving first, then having him find a job locally before buying. Otherwise, consider applying for the loan on your own, as his current situation might only add debts without aiding the loan application.