U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 11-03-2013, 02:17 PM
 
43 posts, read 71,217 times
Reputation: 18

Advertisements

We are preparing to move from Maryland to Florida. We currently make a combined income of $160,000. We're looking to purchase our first home for about $350,000. We have $20,000 saved so far for a down payment. My credit score is 700, but I do not have a job offer in Florida yet. Spouse's credit is not good (although it's steadily going up), but he can transfer since he works at a hotel that is also in Florida.

I'm interested in any advice out there. I've heard that it's hard to get approved for a first mortgage when moving to another state. We want to move around March/April so I'd like to state getting things in line now. We've already met with a realtor and decided on areas that we're interested in moving to. But, we realize that the approval is the hard part.

Thanks!!
Quick reply to this message

 
Old 11-03-2013, 02:22 PM
 
Location: Brentwood, Tennessee
39,046 posts, read 37,675,762 times
Reputation: 73653
You need to move there first and rent until you know exactly what area you want to live in.

You also need to be employed first. THEN after you've established residency, you can look into getting preapproved.
Quick reply to this message
 
Old 11-03-2013, 04:05 PM
 
Location: Scottsdale, AZ
1,987 posts, read 3,786,791 times
Reputation: 2888
I think one of you needs to find employment, hopefully in the same line of business that you are in now. Your good credit score should carry you, but without a verifiable income it will be tough. You mentioned your current income, but will your income be as good in FL?

Personally, I think $20K is not enough for a $350K house. It is only 5% down with very little left for reserves and moving costs. You might want to lower your sites a little.
Quick reply to this message
 
Old 11-03-2013, 05:06 PM
 
4,787 posts, read 8,754,839 times
Reputation: 12592
Move, but rent for a year. Make sure that whatever jobs you find in FL are solid. Nothing worse than moving and then getting laid off, etc. three months later. Renting gives you time to look around at various areas leisurely before you make a decision. It also gives your spouse more time to repair his credit score.

Don't depend on MD income being the same as FL income. FL wages may be less. Not always but a strong possibility.

IMO you're looking at too much house for what you have saved. You're just over 5% down. Plus you're going to need a lot more for closing costs, costs to move, plus whatever you might have to do to a house when you move in.

If I were you I'd go very slow. Make sure you both have decent, stable jobs, preferably in the same fields you're in now. Try to save more, both for a down payment and for a financial pad under you. Maybe lower your expectations of a house and try to buy something that one of you could carry on your own if a job falls though or if one of you can't get a job. Good luck
Quick reply to this message
 
Old 11-03-2013, 06:27 PM
 
3,317 posts, read 7,253,255 times
Reputation: 4095
Quote:
Originally Posted by sheree202 View Post
We are preparing to move from Maryland to Florida. We currently make a combined income of $160,000. We're looking to purchase our first home for about $350,000. We have $20,000 saved so far for a down payment. My credit score is 700, but I do not have a job offer in Florida yet. Spouse's credit is not good (although it's steadily going up), but he can transfer since he works at a hotel that is also in Florida.

I'm interested in any advice out there. I've heard that it's hard to get approved for a first mortgage when moving to another state. We want to move around March/April so I'd like to state getting things in line now. We've already met with a realtor and decided on areas that we're interested in moving to. But, we realize that the approval is the hard part.

Thanks!!
Actual mortgage advice: You will need one month of paystubs in the new location before you can close. You can be pre-approved, however, likely on a 5% down scenario, conventional loan, with PMI. Or we can look at FHA if scores are below 680.

I don't know what "not good" credit is - - what are the actual scores?
Quick reply to this message
 
Old 11-03-2013, 10:19 PM
 
16,492 posts, read 17,513,441 times
Reputation: 23546
Doubt you can get a loan with no job. Banks want credit a job pay stubs and some money down. You have some but not all the requirements. Like the others said move rent get some employment time under your belt then figure out where you wanna live then buy
Quick reply to this message
 
Old 11-03-2013, 11:49 PM
 
Location: Southern California
4,350 posts, read 4,931,746 times
Reputation: 2129
The way I read it is , the OP's husband will have the same employer just at a new location.

Why do you think the approval is the hard part, did you already get denied. Even if the husband score is bad, do you understand why? Is it late payments or high debt to income ratios? How long has he been working with the same company?
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top