New Job and Signing Bonus?

Tips and Deals Forums Home Mortgage New Job and Signing Bonus?

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      My wife and I will be relocating for me to start a new job September 1.** I have accepted a position in the same field with a signifcant step up in pay.* She will make a lateral move, but won’t really look for a job until we get closer to the move.** The position comes with a signficant “signing bonus” as well. ** The bonus is structured as a forgiveness loan (i.e. I get the full amount up front, and they forgive 1/24 of the loan every month for the first two years I am there).***** We have FICO scores around 700 right now, not a single negative on the report other than debt levels. * We don’t really have significant cash savings right now as we have been paying down debt.* We have about 40K in credit cards, 60K in car loans,* 120K student loans, 160K in retirement accounts. * We probably have about 10K equity in our current house after realtor commission/closing costs, but can’t count on having that at closing. *** The bonus is plenty for a 10-15% downpayment at the price level we want, or we could put less down and pay off the credit cards to boost our FICO. *** DTI won’t be an issue even if we don’t sell our current house before. ** **
      Big question is, are they likely to allow us to use the signing bonus/forgiveness loan for the down payment on a conventional loan? **** Secondary questions would be should we take some of the bonus and pay off the short term debt, and if so when should we do that?** We can’t take a loan from our retirement accounts, but could theoretically use the 60 day transfer window for the down payment depending on the timing of closing. ** *

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