mortgage employment and moving (foreclosures, loans, income)

[rmrt]

does anyone have any experience doing the moving mortgage employment stuff all at the same time or any ideas for the less painfull way to do it.
Rick

[rrah]

Do you have a new job secured already? The mortgage could be the tricky part if you don't have a new job. With the dramatic increase in foreclosures this year (we've had the problem in Indiana for several years) sub-prime lenders have tightened their requirements. The tightening is moving up the "ladder" so to speak to other types of loans. If you have the new job lined up, none of it should be a big issue. People do it everyday.

[Jodi McGinley]

Hi Rick!

rrah is right, you need to secure new employment in order to make the transition smoothly. However, another stipulation is that the new job must be in the field area as your previous job, and depending on how big of a mortgage loan you are trying to get, you will need to make the same amount or near to what you made (income wise) previously, as well. Provided you follow these few things, it should be pretty painless.

Sub-prime have become more strict, so 100% financing loans are harder to come by, but to help fill in the hole, there are downpayment assistance programs that you can consider too.

I hope this helps. Please feel free to ask any other questions.