no mortgage due to no SC job yet? (to rent, mortgage broker)

[lou-loulane]

I reached out to a mortgage broker this week regarding our (hopefully) move to SC from PA. She told me that because we dont have employment yet, we will not be able to get a mortgage. Has anyone else been told this. I have never moved out of state before, so Im not sure if this is the norm. We are looking to get an FHA loan.

We are a family of 6 with 2 dogs and 3 cats, so the idea of renting isn't very promising. We thought it would make sense to secure the mortgage first, but maybe the actual approval must come after securing employment. any thoughts???

Thanks!

[mjd07]

Unless it's a cash purchase, no bank will underwrite a mortgage without secure employment. I haven't worked in mortgages for awhile but from everything I've read, they are more strict now than before so I can't imagine the employment requirement has changed.

Are you planning to move out of state without a job lined up in SC?

[rorytmeadows]

Always best to rent first.

[WiseManOnceSaid]

A banks position is that they don't want to loan without an income in place. You can overcome this however with a job letter. This needs to be on letterhead from the place of employment, stating start date and the salary you are going to be paid.

If you can get this letter, then they will certainly use that letter as consideration of employment.

[lou-loulane]

We weren't looking to get a hard letter of approval. Just looking more for a check-up, if you will of any issues we may need to work on as we get closer to the real deal. She really didn't seem eager to do this, and actually wouldn't even look at our credit. We have only purchased two homes, but both times the mortgage people we dealt with were more than happy to discuss our scenario, go over different options, and the like. We certainly wouldn't actually uproot our whole lives and family without employment in place. I suppose I was just looking more for someone who would offer different options when the time comes, and to get advice regarding the whole "mortgage in a new state" thing, since we haven't gone trough this before.

[Eagle28]

Originally Posted by lou-loulane

We weren't looking to get a hard letter of approval. Just looking more for a check-up, if you will of any issues we may need to work on as we get closer to the real deal. She really didn't seem eager to do this, and actually wouldn't even look at our credit. We have only purchased two homes, but both times the mortgage people we dealt with were more than happy to discuss our scenario, go over different options, and the like. We certainly wouldn't actually uproot our whole lives and family without employment in place. I suppose I was just looking more for someone who would offer different options when the time comes, and to get advice regarding the whole "mortgage in a new state" thing, since we haven't gone trough this before.

I just secured my mortgage for my SC home this past week, moving from PA next month. Same rules, regulations, etc.. apply in either state. You won't find any difference, at least I didn't.

[moneill]

The OP does not have a job in the area yet. No bank anywhere will even look at you until you have confirmed employment....then yes you can use a letter.

[WiseManOnceSaid]

Originally Posted by moneill

The OP does not have a job in the area yet. No bank anywhere will even look at you until you have confirmed employment....then yes you can use a letter.

Agreed Moneill, it's tough to find a lender that's willing to pull your credit for the sake of pulling it, and this is a good thing for your sake, as inquiries can lead to lowering your credit score. I feel that most loan/mortgage pros can ask the right questions for your circumstance to be able to guide you without pulling your credit.

There's other options too, if you really want to see where you stand mortgage wise, an easy way would be to go to lending tree or a bank website like Bank of America, submit an application and wait for their call. Just keep in mind that by doing so, you will be putting inquiries on your credit which may or may not be detrimental to your credit situation.

Lending practices are so much better now than they were in 2006, there's far less room for greed and law-stretching to take place, and many more stricter guidelines that protect you as the consumer.

If a certain loan officer rubbed you the wrong way or wouldn't answer questions to your satisfaction, I would recommend getting a second opinion (and a third!)

[LocalHero]

Gone are the days when you could walk into a bank with just a high credit rating and get a loan. These days it helps if you're related to God but having some steady source of income is a must.

[deutmark]

And how does it work for new immigrants ?
We are en european family (50 yo) we will arrive in sc next august on a green card basis and we want to buy an home asap.
I guess we will not work immediatly, we want have a kind of sabbatical year (we are quite whealty).
And we have some income in europe (landlord, and a retired income).
i could pay cash, but if I would get a loan ? Without credit history (except for a gold amexco since 1991) ?
And if would make a down payment 50% ?
thanks for tips