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We are moving to Idaho from Oregon in June. We have just sold our home here in Oregon and close Dec 15th. We will be walking with $4,000-$5,000 in our pocket.
I have several classic cars I am selling. The net from these are going to be around $25,000. We will be saving up to $1,000 per month difference when we move into a rental from Dec 15 to June 15.
All in all we are going to have $30,000-$35,000 for a down payment for the Idaho home. We are looking at homes in the $250,000-$330,000 range.
I am employed by the same company for more than 5 years and moving for a job promotion. My wife is a teacher who has an employment contract here until September. She will be looking for a position before we move but it is not guaranteed. I am making $85,000 and she is now at $45,000. We have some retirement savings, and stocks but don't want to mess with them.
i would like the new mortgage and rent to overlap as little as possible. I am wondering where we should apply for the new mortgage? Idaho or Oregon or does it make a difference. Will the mortgage people look at my wife's future employment situation or the current situation.
On just the one income we can afford the new mortgage in Idaho but I am a little confused on what timing I need to pull all this together.
I hope this post makes sense and their is some advice around.
...you will need to get the mortage from a firm licensed in the state you will be moving to. I suspect many firms in Idaho are also locensed in Oregon and vice verse as well, but don't waste time with a firm that does not do business in Idaho if that is where you are moving...
Timing wise, I do not think it makes a whole lot of sense to get pre approved more than 60-90 days before you begin narrowing down where in Idaho you will be living. Once you are pre approved you have some flexibility in the kind of loan you can get, but since you do have 20% down you probably will want to consider FHA or other loans that allow you to buy with a smaller down payment. While right now there are no signs that the requirements for such loans will change, 6-8 months is a loooong time in this political climate...
Ideally you would both be earning as much as you currently do and have the paychecks to prove it. Unfortunately the promise of a job is not the same to lenders. As long as you wife has a good credit score it probably makes sense to apply jointly even if she is not going to be paid u till next fall. The situation you describe is not uncommon, and currently is resulting in some mortgages getting rejected and / or borrowers paying a higher rate because their 'single income' debt-to-income ratio is higher. One way around this is with lenders that will do a refinance with no fees in 90 days or so after your wife has started getting paychecks. Mostly it would be a credit union or community lender that might have this option as firms that wholesale their loans would have too much to risk...
In general the move you can save to try to get to that magic 20% down number the more options you will have. Also, do not do anything to accumulate any debt between now and when you move. Of you are comfortably inside the debt-to-income ratio that will make you more attractive to lenders.
Even if your wife gets an employment contract for a new job in Idaho, lenders wont use the income until she has at least 2 pay checks.
You can apply for a mortgage in either location, but i feel it is always best to work with a professional that resides in the state in which you are purchasing.
As Chet said, try to take on no new debt between now and buying. Make sure your credit is accurate and get a copy of your credit report so you can review it for accuracy.
We did the whole moving from the West coast to East coast thing this year. So I have some idea of the buying in a different state stuff.
First you have great advice here on this forum. The two poster's above are always on the money when it comes to advice.
I would try to plan stuff out very carefully before you make any sudden moves. Rent in the city you are moving to for at least six months. Take your time in selecting an area to live. Sort out all your finance's, taxes and debt's. Things are a lot smoother if you can come up with at least 20% down payment. With your combined salary $130,000. Really that should not be such an issue. Start saving and planning now. Best of luck.
One more word of advice do not buy more house than you can afford. Things happen, job's change. Plan for the worst, enjoy the best.
I am selling a couple of Datsun Roadsters. 67 1/2 2000 rest mod, 68 2000 Original paint, all docs since new great shape.
Also spoke with Mortgage guy recommended by work and the realtor. Sent in pre-qual application and we will do it on my income. I have spent a bunch of time in the area so have a good feel on where we want to live. I have also worked for this same company for the last 5 years. Not worried about things going to heck.
Thanks for the advice it has been spot on. I just picked up some extra work which should pay off all debts save for auto loans. Will also put us close to the 20% in 4 months as well.
Phil
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The where is easy, the rest is trickier...
