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  • #64993
    SoonToBeTodd
    Participant

    Hello all,

    My fiance and I are to be married by December 18, 2021. It is our dream to have our new construction home by that date or somewhere within that month!

    Both my fiance and I are starting new careers this summer and our first ATD Event is feb. 27th in Houston.

    Would it be wise to schedule our intake appointment for a date set AFTER we star our new jobs so that we will be qualified based off of those higher incomes? Or should we just proceed with the entire process and then try and change the amount we get approved for after the fact?

    We are also saving for a large wedding, are we allowed to make big purchase towards the wedding as long as our payment shock stays in tact?

    (we both do not pay rent so we would have to save whatever our full amount of mortgage would be)

    Thank you so much in advance!

    Also, is it a reasonable dream to be in our home by december of next year?

    #64995
    Nelsont
    Member

    1. You need without exception 2 consecutive years of prior work history including W2s during your qualification period. If you have this then by all means start the process as early as possible. You can always get re-qualified for a higher amount once your income increases. Even if you don’t have the work history you will be counselled by a licensed loan office who will be able to walk you through the process.

    2. Yes. However every transaction – withdrawal and deposit – over about $100 that is not tied to your employer via direct deposit or an automatic deduction for a bill/debt payment will be questioned and need to be clarified via a letter of explanation.

    3. Reasonable if you meet the qualifications. I would say you need to be under contract in September/October in order to close by December. For those members who are considered “ready now” the entire process takes about 6 to 8 months depending on how long it takes you to find a house. Some people take over a year to qualify. Some people take 6 months to find a house. Some people have a house built and that takes 6 months on it’s own. Some people go through the process workshop to close to 3 months. It’s entirely unique to everybody’s situation and every house and every seller.

    #64997
    Nelsont
    Member

    If you want to build your house as opposed to buying a house a developer just finished you would need to be under contract in the spring, before construction starts, in order to close this year. If you think that is too aggressive of a timeline there is no shame in pushing your goal out beyond 2020 in order to get exactly what you want. To add to that, if you are OK with buying a just completed house you can start your buying process in December and get really good builder deals.

    #64999
    SoonToBeTodd
    Participant

    Thank you very much! I should have clarified, we are hoping to be in our home by December of 2021. So we have the rest of this year and half of the next to get our ducks in a row if construction takes 6 months!

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