Feb 23, 2013

Stalled Out...

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.


Julia Corbin said...

Oh Lee - I feel ya! We were pre-qualified last year by a mortgage broker. Began putting offers in on houses. Got the one we wanted, went in to begin the process of the final mortgage and the SAME guy that pre-qualified us said, oh, by the way you don't qualify for this house (which btw was $50,000 less than what we pre-qualified for) and we would need to get a co-signer. WHAT!!??? Same deal, parents retired etc. WTH. We NOW qualify for $100,000 LESS than what he originally pre-qualified for. Because my husband is self-employed and we have a lot of write off on our tax return. No duh, don't most people. If that the case, why wasn't that something they discussed with us BEFORE pre-qualifying us. I didn't inflate numbers I gave them our income like they asked. So, we aren't buying and can't until we take a HUGE hit on a tax return and not write-off things we've written off for 20 years. :-( Sad game, but we will have to play if / when we decide to buy.
I'm sorry for your news but know that it isn't you. We rent and will continue to rent and let others worry about all the crap that goes along with owning. ;-) It's how I get through.

Gigi said...

That is totally ridiculous. Sending you hugs. xo

cinnibonbon said...

I'm sorry to hear. I hope by now you've seen some light girl!! Thinking of you.