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Old 05-23-2010, 02:14 PM
 
Location: Space Coast
263 posts, read 759,686 times
Reputation: 233

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We have excellent credit and job histories in Indiana, and we own our current home.

If we sell our house in Indiana (thereby reducing our debt to income ratio), and while still employed, apply for preapproval to buy a house in Florida, would that work? Or do we have to be residents? I don't mind waiting to file the homestead exemption until the following year. I was thinking if we went through the internet like Quicken Loans, instead of a local bank, that might work?

Or do we have to be residents of Florida?

We'll be coming down there with 6 months worth of savings to live on, and hubby may have a job once we get there, or maybe not. It just seems like a waste to rent a house for the same amount that we could pay towards a mortgage every month. I have already decided on the area we like, even down to the neighborhood, so no real need to rent first.

If we do rent, it won't be more than six months before we buy, and a lot of the leases are 1 yr minimum, for places that aren't all that great...
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Old 05-23-2010, 02:25 PM
 
26,590 posts, read 54,462,029 times
Reputation: 13016
You don't need to be a resident, but I can tell you that the bank is going to ahve a problem with you selling the house you own now and buying a house in Florida while working in IN. They are going to question it, and if they get one inkling you are planning on quitting jobs and moving, they're not going to make the loan.

If they do make the loan it will be as a second home and they'll want 20-25% down and a .5% bump in the rate.
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Old 05-24-2010, 07:51 AM
 
Location: Lake Mary, Florida
793 posts, read 2,211,178 times
Reputation: 265
I agree with annerk, but i'll add I don't like sites like Quicken or Lending Tree, ask here, contact a couple of lenders recommend by contacts in Florida, friends that have moved here and interview a couple of Realtors to get their input.

But always compare 2, look at closing cost, interest rate, etc...

Hope this helps,
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Old 05-24-2010, 08:52 AM
 
Location: Space Coast
263 posts, read 759,686 times
Reputation: 233
So what are my chances of getting a loan?

We have strong work histories here, and if hubby comes down with a job in hand, and they see that we have been home owners and have 5-7% to put down, can we qualify?

I understand there are different variables that will play into it, but we have excellent credit and no potential negatives on our report.
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Old 05-24-2010, 09:38 AM
 
26,590 posts, read 54,462,029 times
Reputation: 13016
Quote:
Originally Posted by muggums View Post
So what are my chances of getting a loan?

We have strong work histories here, and if hubby comes down with a job in hand, and they see that we have been home owners and have 5-7% to put down, can we qualify?

I understand there are different variables that will play into it, but we have excellent credit and no potential negatives on our report.
You will not qualify for a loan in Florida without 20-25% down unless you both have jobs here or he has one that's enough income to not need yours. It's not the credit,they aren't going to believe that you are planning on staying at your jobs in IN, and no lender will lend to people they know are planning on quitting jobs in the near future without a new job lined up.

The only way you're getting a loan is to either move here with new local jobs in the same fields that you've been working in and buy the home as a primary residence with, using your 5% down;

OR

Buy the home as a second residence with 20-25% down and the financial ability to carry both homes and any other debts you have.
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