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Old 05-09-2012, 12:50 PM
 
13 posts, read 45,341 times
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Hello! I have a quick question that may not have a simple answer. My husband is a physician and licensed and employed in the state of CT. We are considering a move to SC (where he also has a license). If we were to sell our house here in CT, could we buy a house in SC based on his employment here? The kids and I would want to move there before school starts in the Fall and there is no guarantee he will find work there by the then (he can stay at his current job for as long as he wants and live in his parents' house). Would a lender give us a mortgage?
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Old 05-09-2012, 01:26 PM
 
Location: ๏̯͡๏﴿ Gwinnett-That's a Civil Matter-County
2,117 posts, read 5,298,631 times
Reputation: 3517
They're going to want to see tax returns so that's what they're going to use.

Just a side question... Have you thought about not having a mortgage?
If you've got money saved up, why bother? The housing market in SC is not like in CT.
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Old 05-09-2012, 02:06 PM
 
13 posts, read 45,341 times
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I would love to not have a mortgage but we won't be able to come up with the full purchase price. Perhaps a 40% down payment but that would be the max.
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Old 05-09-2012, 02:38 PM
 
Location: NJ
17,579 posts, read 39,622,776 times
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You may want to post this in the mortgage forum.
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Old 05-09-2012, 02:52 PM
 
13 posts, read 45,341 times
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Thanks! I didn't know there was one! New to this....
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Old 05-12-2012, 03:05 PM
 
Location: Southwest Washington State
21,552 posts, read 14,180,052 times
Reputation: 30140
Default Suggestion

to CTmom: I suggest you call a lender in S.C. and get prequalified for a loan. You'll have a lot of info then. You could call any lender though, it doesn't have to be a lender in S.C.

But you need to talk to a professional in this field.
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Old 05-16-2012, 01:38 PM
 
Location: Not where I want to be.
1,189 posts, read 1,509,185 times
Reputation: 2030
Yes you will. I work with physicians who have done this and one that is currently living this way, and they have had no problems at all. Alot of doctors do this because their contracts don't begin with their new place until after the move. They will look at the past two years of tax returns and the last 60 days of bank statements and pay stubs. Some lenders have asked for a letter of verification of employment as well.

I don't see you having any issues at all espeically with such a large down payment. Good luck!
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Old 05-16-2012, 01:46 PM
 
285 posts, read 731,032 times
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It's really going to depend on the bank. When I transferred my job, they wouldn't let the loan proceed until I had started. (although it wasn't in the same field)

Call several banks and see who won't view that as a problem.
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Old 05-17-2012, 05:46 AM
 
Location: WI
3,819 posts, read 8,885,541 times
Reputation: 2257
when we moved from WI to SC, we worked from home for our company (based in Wi), and had no issues getting a mortgage when we were ready to buy/build here. I will say we rented that first year to make sure we were in the "right" area before taking the next step.
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Old 05-17-2012, 08:49 AM
 
Location: Venice Italy
1,027 posts, read 1,094,166 times
Reputation: 486
usually the mortgage is a practice that goes in favor of those providing the money, it is not recommended at this time
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