Hi. I hope someone can give me some advice. DH and i want to purchase our first home. We are in NJ. We have very good credit, his is like 806. Mine is also high. We have a pretty large down-payment of $60,000. Looking to purchase a one family or a two family around $250,000 - $300,000. We went to see Coldwell banker because a friend of DH's wife works there. We viewed some homes, etc. Today the finance department called and said we would not qualify because i am not working. I am receiving unemployment right now. I have 6 more months on it, if i don't find work. DH is working full-time and makes about $38,000 on the books. He also does mechanic work on the side, but that is not on the books. So my question is, could this be correct that we don't qualify even with a great credit score, large down payment, and steady work history for him? He has been with the same employer 25 years. Thank you so much.
Basic rule of thumb is not to purchase a house that is more than 3 times your gross annual salary. That means for YOU based on your Hubby's income of $38,000 you can afford a house that costs $114,000. If you add in the amount you plan to put down for a down payment you could possibly increase to $150,000 but I wouldn't go beyond that.
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