Time to buy a house
09-28-2022, 11:27 AM
#11
Gets Weekends Off
Joined APC: Aug 2022
Posts: 385
Originally Posted by joepilot
If you want good answers, you have to tell us more. Are you a commuter? From where to where? What Airline? UA and AA are much different than FDX and UPS.
You are bidding min time lines. If you are looking to buy a house, you need to try to max your income. Consider max time lines, or upgrading to a widebody.
Joe
You are bidding min time lines. If you are looking to buy a house, you need to try to max your income. Consider max time lines, or upgrading to a widebody.
Joe
Typically last 2 yrs of W-2's and your last 3 months of pay stubs are required from the lender.
If you can bust ass for several months, you may be able to highlight your recent pay vs. your last 2 yrs of W-2's where you worked the minimum. As pilots with contracts, scheduled yearly pay increases etc, finding lenders that understand our work rules or pay structure is a bit tricky. I've found that picking up some trips for a few months before a home purchase is definitely useful in the long run. (besides the pay stub increases, you may also use the extra $$ to pay down any debt, thus increasing your loan to debt ration).
As EX said... the home prices are going to come down. I'm anticipating by Spring of '23 we'll be fully into the recession and prices should continue to drop. I am planning on investing in '23 with the higher interest rates, taking the hit for a few years, and refinancing lower a few years later.
Financial markets are cyclical. If you look over time it's almost on a predictable 10 yr cycle. Plan home purchases and retirement accordingly.
