That's exactly how I feel. I found out this week, from three different brokers, that we cannot qualify for a mortgage! To say I'm shocked would be an understatement.
We have owned two homes. We have sold both. We were never late on a payment, our mortgage wasn't underwater, we didn't default. We ended up with a small profit from our last home, mainly because we put such a large down payment on it. We lost thousands of dollars, but we got it sold.
We don't have any car payments. No grossly huge credit card bills. We BOTH work- BUT- and here's the rub: I am part-time (32 hrs a week), and my husband is basically a subcontractor. Although he has been working consistently, because there may be breaks in between the jobs, we cannot show a consistent pay check each week. And me? I make good money, more than a lot of people out there, but the paycheck isn't what gets your qualified- it the full-time vs. part-time. For real.
So, now what? We have to wait until the fall, if you go buy Chris' graduation date (which isn't when he rstarted working, really, but hey, I'll go with that). Or, in my case, until Jan. 2015 (I went part-time this past January) to buy a house. Now, if one of goes full-time, then it changes everything. So, what do I do? Maybe I should take some random job, at less than half of what I make now, and work full-time? Apparently, that's what if boils down to.
Oh, the other suggestions- get a co-signer. And I quote "Someone with good credit, but more importantly, strong income. A relative would be best." Oh right, 'cause our parents are retired and on fixed incomes- sure thing.
The moral of the story, the mortgage debacle hurts everyone. Even us, and we can afford a house, we just can't buy one. Go figure.