moving to knoxville (Kingsport, Maryville: rental, job market, landlords)

[AdelinaRotar]

Unless you're buying cash, lenders expect you to be settled in to a job here in Tennessee before they will approve your loan. This is the typical rule of thumb unless you can prove that you've got 6+ months worth of reserves in your bank account to compensate in case you don't find a job right away. I would definitely try to find a job first, then make the move. Also, ask your lender what their rules are regarding changing jobs. Do they require you to be on the job a certain amount of time before they approve your loan, etc? From my experience, it is VERY DIFFICULT, to be approved for a loan if you are not already working in Tennessee.

[ClemHaneke]

Originally Posted by LeaveWI

Me again- I'm not sure what to do- some people say it's best to just move here and then find a job, others say wait and get ajob first. I'm not sure what the Knoxville market is like, can a person with a 3-6 month living expenses move there and eventually get a decent paying job in that time span? Or is it best to wait and try to find one there as an outsider first.

THanks!!

Go to [url=http://www.knoxnews.com]knoxnews.com : Knoxville, Tennessee, News, Business, Homes, Jobs, Cars & Information[/url] and click on JOBS.. Depends what kind of job you are looking for.

[Beretta]

Originally Posted by AdelinaRotar

Unless you're buying cash, lenders expect you to be settled in to a job here in Tennessee before they will approve your loan. This is the typical rule of thumb unless you can prove that you've got 6+ months worth of reserves in your bank account to compensate in case you don't find a job right away. I would definitely try to find a job first, then make the move. Also, ask your lender what their rules are regarding changing jobs. Do they require you to be on the job a certain amount of time before they approve your loan, etc? From my experience, it is VERY DIFFICULT, to be approved for a loan if you are not already working in Tennessee.

This was not the case for me. I relocated back here from out of state and had not started my employment here yet; however, I was approved for my loan and we closed prior to my first day at work. My loan was a no doc loan.

Having said that, I would never buy a home in a new state where I didn't have a job lined up unless I had other funds lined up to cover the mortgage.

[mbmouse]

Originally Posted by SmokyMtnGal

This was not the case for me. I relocated back here from out of state and had not started my employment here yet; however, I was approved for my loan and we closed prior to my first day at work. My loan was a no doc loan.

Having said that, I would never buy a home in a new state where I didn't have a job lined up unless I had other funds lined up to cover the mortgage.

I SOOO agree with that! Well said.

[hiknapster]

I thought the same thing. You didn't necessarily need a job. I wonder if no doc loans are now persona non grata, though?

[gemkeeper]

Originally Posted by hiknapster

I thought the same thing. You didn't necessarily need a job. I wonder if no doc loans are now persona non grata, though?

There are companies on the web still pushing them at 7.87% to 8.3. Yikes! They generally require a 30% down payment, and I would think, if you were going that route you would want at least 30% down.

[Beretta]

Originally Posted by hiknapster

I thought the same thing. You didn't necessarily need a job. I wonder if no doc loans are now persona non grata, though?

I am sure that there are still some out there. I am at 5 1/4% and am not going anywhere except maybe to the remodel store! lol

[gemkeeper]

They are still available and practical for some. But, your 5 1/4% sounds like a thing of the past, SmokyMtnGal. Lucky you!

[AdelinaRotar]

Yes, there are still lenders that do no doc and limited doc loans. However, most require a minimum of 20% down. I haven't found anyone that requires less than 20% down for a no doc loan. If anybody has, let me know

Wow! 5.25% interest? That's fabulous! I have a feeling it won't hit that low for no doc/limited doc loans again for a while.


As for jobs, there are many agencies in town such as Staffing Solutions, Express Personnel...that do temp hiring. I had a client that got a job thru there and within several weeks it became a permanent job with full benefits. He is in the accounting field. I don't have much feedback from temp agencies, but I know it worked for this guy.

[mbmouse]

Originally Posted by AdelinaRotar

Yes, there are still lenders that do no doc and limited doc loans. However, most require a minimum of 20% down. I haven't found anyone that requires less than 20% down for a no doc loan. If anybody has, let me know

Wow! 5.25% interest? That's fabulous! I have a feeling it won't hit that low for no doc/limited doc loans again for a while.

You are correct on the No Doc needing at least 20% down and current mortgage history, some are now requiring 25% down or more to get the no doc and you have to have over 720 score to even think about it. However rates are back to the 5's in the standard conforming world now. I am doing them 95% at 5.5% so those days of really low rates are back, it is just a matter of qualifiers are stricter. And the no job factor would play in considerably. If you are moving states and jobs but staying in the same field and have a signed job offer letter and it has the agreed salary listed, yes you can mortgage a house even though you haven't actually started the new job yet or just newly started.