Broke-r: Finance Friday Part V

Determined to get our own place, yesterday I contacted a mortgage broker who was highly recommended. Over the phone, he asked me tons of questions about our financial situation, including Bruce's income. He didn't ask about mine at first, I think because I had mentioned being "at home." I had to volunteer the fact that I earn money as well.

I once wrote about my job and the unfortunate way it pays. I love what I do, but it doesn't look good to lenders. The mortgage guy would only factor in any job that I've had for at least two years. Well, not too long ago I stopped working at the one school at which I'd been employed the longest, due in part to the distance. That income history doesn't count. Another, well-paying school can't be considered because I just starting working there again after a lengthy hiatus, the years I lived in Chicago. The purse store was part-time, seasonal work. He would only include the money I've made at one school. He wanted the average amount from the past two years. In 2012, I was on maternity leave. I didn't teach at that school for two semesters. That brought the average way down.

Both Bruce and my credit scores are great - well above the 640 needed for an FHA loan. In the year that we've lived with Bruce's parents, we paid down some credit card debt, but also added on a car loan. It's frustrating that nothing has really changed for us after making such a huge sacrifice.

I also can't help feeling like we are being punished because I work as a college instructor and had a baby. When I asked the broker what I could do to increase our loan amount, he told me that I "could get a full time job."  Really? That's your advice?  To give up the career I'm working towards and put the baby in daycare that will cost as much as my salary?  Or live with Bruce's parents for who-knows-how-long until we've paid off our debt and saved more money?  The baby might be in school by then!  And I will surely have gone to the nuthouse long before.

Could this be ours someday?

The bright side is that our realtor seems unconcerned. He feels certain we can still get something decent for our money. As a matter of fact, we have an appointment to look at places tomorrow! We are so excited. We may not end up with a single family home; I may have to forgo my wish to have a basement, but we will buy something. We will be happy anywhere we live - Bruce, Emmie, and me. Our first place might be a 'starter' home, but it'll definitely be where the heart is.