how to buy with one income? - Mothering Forums

Forum Jump: 
Thread Tools
#1 of 5 Old 02-02-2013, 10:34 AM - Thread Starter
itsybistyspider's Avatar
Join Date: Nov 2010
Posts: 237
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 1 Post(s)

We are a homeschooling family, hoping to buy land/home in the next couple of years. 


WIll having only one income present a problem to get a home mortgage? 


anyone have any info for us on getting started? We are first time buyers with no real clue (except what we google...) 

homescholing traveling mama of two ('08 and '12) expecting May 2015!
itsybistyspider is offline  
Sponsored Links
#2 of 5 Old 02-03-2013, 12:36 PM
MrsGregory's Avatar
Join Date: Dec 2011
Location: The 'burbs of Central Texas.
Posts: 1,030
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

We qualified and shopped with only my husband's income considered.  At that time, I was working full-time and planned to continue doing so after starting a family.  No one ever asked us why my income and credit wasn't considered.  It was our personal choice.   In the USA, your mortgage is based on your income and expected ability to repay the loan.  We applied for a mortgage using only my husband's income, however we did list me as an owner of the home.  If your family's income is deemed sufficient and stable to repay the loan requested, there really shouldn't be a problem.

granolamommie likes this.

lovestory.gif   And on 09/23/2011, we were three;  husband, daughter, and me!

MrsGregory is offline  
#3 of 5 Old 02-05-2013, 09:47 AM
granolamommie's Avatar
Join Date: Jan 2013
Posts: 237
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 3 Post(s)

It is not necessarily that you can't qualify.  It is simply that you might have to pick a cheaper home.

swede likes this.

Loving wife hug2.gif and Mama to hippie.gifBella (11), joy.gifArydona (6), guitar.gifKai (5) and Trin candle.gif born sleeping on 12/21/13 makebabe.gif ttc our next bundle of joy! ....intactlact.gif,hang.gif  homeschool.gif  
granolamommie is offline  
#4 of 5 Old 02-08-2013, 08:36 AM
JamieCatheryn's Avatar
Join Date: Dec 2005
Location: SW Pa
Posts: 5,066
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 12 Post(s)

We've bought 2 houses as a one income family, it's just the amount of income that's factored in, and the "how much can I afford" calculators can give you an idea what you'd qualify for. Try to shop a ways below that number if possible because the max can really strain the budget. Our houses were both the max allowed *without* my husband's commission, only counting his salary which is 2/3 of the income.

granolamommie likes this.
JamieCatheryn is offline  
#5 of 5 Old 02-08-2013, 10:29 AM
Pepper44's Avatar
Join Date: May 2006
Location: Central Kentucky
Posts: 2,095
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)

You can buy a home with one income, no problem!  We used a mortgage broker and he was able to find us the best possible mortgage when we had a small income.  (This was in 2006.)  Now that my husband has a new job we want to move, so we were able to call the same mortgage broker and update our info and he told us the loan amount we could be approved for in about five minutes.  Then we had to make sure the monthly mortgage (including escrow and everything) fit into our budget.  


Unfortunately for us we can't get another mortgage until we sell our house, and it's hard to sell a tiny house full of kids and pets.  Very frustrating!  We're hoping to move to the country too.

Momma to Sweet Rosie 7/06, Lost Baby J 1/09 at 12 weeks pregnant, Spitfire Ada born 4/21/10, and Baby Boy due July/August 2013!
Aspiring urban homesteader, photographer, homeschooling momma! Blog link in my profile. 

Pepper44 is offline  

Country Living

Quick Reply
Drag and Drop File Upload
Drag files here to attach!
Upload Progress: 0

Register Now

In order to be able to post messages on the Mothering Forums forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
User Name:
If you do not want to register, fill this field only and the name will be used as user name for your post.
Please enter a password for your user account. Note that passwords are case-sensitive.
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:


Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.

User Tag List

Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page

Forum Jump: 

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off