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Old 03-26-2015, 09:10 PM
2 posts, read 1,951 times
Reputation: 10


My husband and I are moving 500 miles to take new jobs in the metro area where he grew up. We both have job offers starting this summer. We know the neighborhoods very well and know what we want to buy once things start heating up this spring/summer (i.e. we're not in a situation of needing to rent for a year to feel things out, since he grew up here and we visit frequently.)

We have great credit scores, no house to sell, no debt (other than whatever we bought this month on our credit cards -- we pay the full balance each month), substantial financial reserves, no history of a gap in employment, and actually no impending gap in employment. For both of us, the new jobs will start immediately after the old ones. However, I work in academia so even though my old job will still be paying me, I'll be done with my on-site responsibilities months earlier, so we'll be moving on my husband's job schedule before my new job starts.

According to three lenders we've spoken to, either of our new salaries (or current, for that matter) would easily qualify *on its own* for the type of mortgage we want. However, no lender is comfortable with our "future" jobs that haven't started yet, in spite of offer letters. Everyone says that we need to get some time (e.g. 1-2 mo) of pay stubs. But we want to move earlier than that, and we don't want to keep our stuff in storage or move twice or anything. We also don't want to be at a disadvantage when making an offer on a house, asking the seller to rent to us prior to closing. The market we're looking at is hot and sellers are looking for reasons to turn down offers.

Any tips on this matter? It seems like something that ought to be very straightforward and a common issue that people come across. Given our finances we were thoroughly stunned by this development because we thought our situation would be super easy and that pre-approval would be trivial for us.

PS - I did a search for this topic but didn't turn up anything quite like this, but feel free to direct me to a prior post if you know of one.
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Old 03-27-2015, 06:01 AM
736 posts, read 562,439 times
Reputation: 696
Re: However, no lender is comfortable with our "future" jobs that haven't started yet, in spite of offer letters"

Are your future jobs in the same field as your last job?
Example: person changing career from a College Professor to an Architect.
If they are in same field, same position but better pay I understand their reasoning and you have to be patient nowadays to get the best rate and terms. Wait a couple of months. If the housing market you're looking into is competitive with 20-40 buyers for every house on the market it could take longer than two months to get into a home. Most on the forum will say that you need to feel comfortable with your new relocation before getting into a mortgage.

Best of luck.
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Old 03-27-2015, 06:50 AM
Location: Port Charlotte
3,926 posts, read 4,394,513 times
Reputation: 3395
We had the same issue. We moved from Texas to Florida, wife was moving her license, we had cash enough to pay cash for the home. However, the lender would not accept the wife's income as she had no history of business in Florida.

Go rent a home, get established, then buy. That is your answer. Sorry, but qualifying for a loan in today's highly regulated market is a PITA. Just keep your credit card balances low, don't close any cards, and avoid any large purchases (car, etc) unless absolutely necessary.
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Old 03-27-2015, 10:45 AM
7,672 posts, read 9,326,715 times
Reputation: 7902
Prices will be at the "highest" during Spring/Summer. I would rent for 6 months and then purchase at your leisure once you are both working. I am already seeing prices around me jumping quite a bit and being sold at the higher prices.
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