- 3 years ago
- Wedding: June 2014
My FI and I are looking to buy a house after the,wedding. We really don’t have a lot of time as the owners of the house we are in are looking to sell by September (at the end of our lease ), and the wedding is at the end of June. We were kinda taken aback as we were under the impression that they weren’t going to sell until next year. But anyway, I’m freaking out a bit as my FI is an offshore worker, but works on an on call basis. He gets a decent amount of calls and goes offshore almost just as much as someone one a 3 week on and 3 week off contract. However, I can see how this can look bad to a lender as there is no concrete amount we can say that he will make In a given year. He’s been working offshore for a year and a half, but will have been with his company for a year come July. His credit is decent but he did miss a few student loan payments 2 years ago (but all paid up now) due to him thinking he paid but he didn’t lol. Everything on my side is pretty good. I know I have good credit (haven’t missed a payment on anything. I have 5 credit cards [although 3 are big box store cards ] and all but one are completey paid off), and I make okay money [however FI makes twice what I do]. Our down payment will be around $10000 (hopefully)
Anyway, I was wondering how badly his situation looks to a lender, considering he is an on call worker. Will they take into consideration what he made last year and this year so far,? Will he need a letter from his employer to confirm that he works Often? Or will my better situation help? while I make okay money, I would never get approved for much on my income alone [about $34000-35000/yr]. I’m just stressed bc it’s hard to rent in my province when you have a pet (I have a cat) and I want my own home, not paying someone else’s mortgage. The longer we don’t have a home of our own, means it’ll be longer before we have kids.
Anyone know the industry? Anyone here with a similar experience?
Thanks for for any advice !! 🙂