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Old 05-07-2007, 11:47 AM
 
Location: Sand Springs, OK
634 posts, read 2,285,492 times
Reputation: 234

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Hi everyone,

Just wondered if anyone had experienced something like I did today. Last week all looked good in regards to moving to the Fort Worth area. It was just a matter of time and getting our ducks in a row so to speak, regarding the loan.

Well today, I find out that the loan issue isn't as easy as it was made to appear. Either that, or I had rose-colored glasses on (which I am prone to do).

Instead of us moving there and going directly into our new home. It now looks like we will have to rent then see about getting the loan.

Issue being that we thought they were approving us on our CA income with the idea that we would bring in close to the same in TX. Now, I realize in hindsight this seemed odd, but that's how it seemed like it was presented to me.

So now, since we need TX income to prove income for the loan, we have to get out there and probably rent (we will have about 6 months or so worth of savings saved up for this purpose), get jobs and then do the home loan thing.

Just very disheartening. I really didn't want to move twice. I feel like I'm on a rollercoaster. Emotions so high yesterday, and so opposite that today.

Just wanted to vent, thanks.
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Old 05-07-2007, 12:18 PM
 
Location: Fort Worth, TX
1,379 posts, read 5,814,206 times
Reputation: 345
I guess I don't understand the problem. If you qualify for a loan in CA you most definately should be able to qualify for a loan in TX. That doesn't make sense to me.

Do you have a property that you want to buy here or are you just trying to get pre-approved?

Just fyi, my mom had found a house here while we were still living in CA, she had sold her home previous to finding it and had money in the bank, got her loan and then she moved here.

We unfortunately couldn't buy anything until we sold our house in CA. We sold it when we were moving her out here. We looked and looked and looked and couldn't find exactly what we wanted so we are building. In the meantime we are staying with my Mom.

Keep your chin up. It took us a year to get here with getting everything (hubby had to get his promotion at work etc) lined up and getting the house sold. Sometimes it is an act of determination.
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Old 05-07-2007, 12:29 PM
 
Location: Sand Springs, OK
634 posts, read 2,285,492 times
Reputation: 234
Thanks for your input. I sent you a message that explains it in more detail.
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Old 05-07-2007, 12:48 PM
 
Location: Fort Worth, TX
1,379 posts, read 5,814,206 times
Reputation: 345
When I read your title...I thought you might have been harrassed by people asking..." You are really moving to Texas??? WHY??" I had that ALOT when I talked to my neighbors.
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Old 05-07-2007, 12:51 PM
 
Location: Sand Springs, OK
634 posts, read 2,285,492 times
Reputation: 234
LOL, Oh I get that too. They think I'm crazy for wanting to leave San Diego. I said, hmmm, we're in the desert, there's no rain, it's boring weather and it's unbelievably expensive to live here. Oh and they absolutely have no idea about football.

They still don't get it. Oh well! I'm looking forward to moving to TX.
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Old 05-07-2007, 01:03 PM
 
Location: Alexandria, VA
1,078 posts, read 3,439,545 times
Reputation: 486
seahawksweetie, sorry you are going through this. That does sound odd.
Have you tried another lender?
BTW, we are relocating from the CA desert too. Our roadblock is we are having trouble selling our current home due to the soft market in CA.
MBG
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Old 05-07-2007, 02:12 PM
 
27,535 posts, read 44,999,258 times
Reputation: 14068
I don't see anything odd in what a mortgage lender told you---maybe a realtor gave a rosy picture to get you to commit to house. But think the question is about how stable your income source really is.....

if you are self-employed and you are leaving one type of income stream to start another income stream---like sales of some product ---and if you cannot prove that money will be there after your move, then you have no income. Living on savings is not "income"....that is draining your bank account. Because you were successful in current location is not a guarantee of future success....

If you are not being relocated by a company which would pay you the same or more income in new location--then I can certainly understand why your loan on your soon-to-stop CA income alone would not be granted...if you are being relocated by a reputable company, then the company's reputation and reference about employability is the guarantor for your income.

A nurse who leaves a job with hospital in San Diego and moves to TX, even with job offer in hand, has not worked at that job and has no proof of income until s/he actually has received and cashed the checks. Mortgage lenders want a certain number of months of stable income to verify a person's ability to stand good for the loan....that sounds reasonable...so they hopefully do not have to go through foreclosure on yet another home....

From what you have said it sounds like you are pulling up stakes w/o a job transfer--just moving and looking for work after you get here....I would be very surprised you could find any lender to front an immediate mortgage....
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Old 05-07-2007, 02:19 PM
 
Location: Debary, Florida
2,267 posts, read 2,380,027 times
Reputation: 685
I had friends who moved to Texas for work, she was transferred with her company, he had to find work. They had a similar problem. Your income in Texas won't be what it was in California AND the cost of living is so high in California.

When you get to Fort Worth, try out Angelo's barbecue on White Settlement road...everytime I go back home for a visit, thats my first stop on the way home from the airport...

When I moved to Florida, I lived here for 3-4 months before I bought a house. It gave me time to get to know the area better and drive around and find someplace that was more me.

You can read all you want on sites like this but it doesn't mean much when you think about what kind of area you are comfortable in.

When we moved, the bulk of our things remained in storage so the moving wasn't so hard.
I ended up working with someone who was born and grew up in Debary, so I checked it out. Its a town similar to the one I grew up in, a little bigger but similar in size.
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Old 05-07-2007, 03:00 PM
 
Location: Sand Springs, OK
634 posts, read 2,285,492 times
Reputation: 234
Thanks for the info on the bbq, I will definitely check that out.

I understand what everyone is saying regarding that income is not the same in CA as in TX. That makes sense. However, when the mortgage broker was telling me we qualify for xx amount of $$$, he said he needed 2 paycheck stubs and I said well, we have that. At this point is where I think communication got a little vague. I thought he was talking about our jobs now and he was talking about our employment when we get to TX. At least I hope it was miscommunication and that he wasn't intentionally misleading us.

Anyway, please tell me this is all worth it. We have never owned a home before, and when you have to deal with all this red tape it sure makes me understand why some people choose to rent over owning a home.
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Old 05-07-2007, 08:28 PM
 
Location: Debary, Florida
2,267 posts, read 2,380,027 times
Reputation: 685
I can understand why you haven't owned a home if you live in San Diego...isn't real estate pretty expensive??

You will probably be very happy with the real estate prices in Fort Worth AND the people are so friendly.

Another nice place to visit is the Stock Yards. Its like a back in time western town, the police wear cowboy hats, boots and ride on horse back. Its a cool place.

The Fort Worth water gardens are cool AND the zoo is wonderful fun. They used to have a little train you could ride on along the Trinity river. The Botanical gardens are nice, they have a nice rose garden and a Japanese garden that is really nice as well.

The best mall is probably Hulen Mall in Fort Worth. I get homesick from time to time, I hope to be able to visit once I am done with school.

Its pretty dry in Fort Worth but its not a desert.
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