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Old 10-24-2015, 07:18 AM
 
7 posts, read 5,156 times
Reputation: 10

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I am a pharmacist with a credit score of 750. We are moving from Colorado to Oregon . We rent here and will be purchasing a home in Oregon.
We have been working with a lender in Oregon who assured me we can use the income at my current job to puchase a home in Oregon since I'm just starting my job hunt there and won't have an official offer for a few weeks. What he didn't explain is that we need to use the house we rent here in Colorado even though our lease is up in December, as a secondary property. So I go from qualifying for $375000 to only $200000 which would put us into absolutely horrible houses. We don't want to go through the hassle of temporary housing to bridge the timeframe gap. I have an 8 year old daughter who I want to keep in the same school once we move to Portland.
This news is incredibly upsetting to us and it doesn't make sense. I could understand it if we owned a house in Colorado but we rent and obviously that payment will be gone after December.
We are looking at getting a second opinion with another lender. Any help would be greatly appreciated.
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Old 10-24-2015, 07:24 AM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 8 days ago)
 
Location: Cary, NC
43,089 posts, read 76,670,112 times
Reputation: 45407
Did you get a second opinion from another lender?
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Old 10-24-2015, 07:26 AM
 
7 posts, read 5,156 times
Reputation: 10
Not yet it's Saturday and he just informed us of this last night. Going to spend all weekend worrying about this until we can Call someone on Monday.
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Old 10-24-2015, 07:40 AM
 
Location: Southern California
4,453 posts, read 6,772,752 times
Reputation: 2238
It makes sense because you don't have a job there.
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Old 10-24-2015, 08:01 AM
 
12,016 posts, read 12,662,720 times
Reputation: 13420
Quote:
Originally Posted by thelopez2 View Post
It makes sense because you don't have a job there.
You shouldn't qualify for any mortgage without a job or source of income I don't really even understand OP situation do they mean that their rental charge will lower the mortgage they are eligible for
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Old 10-24-2015, 08:09 AM
 
1,399 posts, read 1,787,012 times
Reputation: 3256
I am not sure if I am supposed to list names of companies on here so I will refrain. But I reside in Salem and can recommend a fantastic loan originator! I work overseas and my income is listed in such a way as to cause all kinds of headaches for the underwriters. They were able to work through it and get a great interest rate. Send me a private message and I will tell you who I used and you can research them and decide if they would work for you.
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Old 10-24-2015, 10:23 AM
 
7 posts, read 5,156 times
Reputation: 10
Quote:
Originally Posted by thelopez2 View Post
It makes sense because you don't have a job there.
I am a pharmacist so of course I'll find a job there-not a concern. The concern is it takes 30-45 days to close and we are trying to avoid temp housing and extra moving fees.
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Old 10-24-2015, 10:25 AM
 
7 posts, read 5,156 times
Reputation: 10
Quote:
Originally Posted by so954 View Post
You shouldn't qualify for any mortgage without a job or source of income I don't really even understand OP situation do they mean that their rental charge will lower the mortgage they are eligible for
The rental charge hurts my mortgage amount I qualify for since we are using my income from my current job. It's ridiculous because our lease is up in January and then that payment would be gone.
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Old 10-24-2015, 10:28 AM
 
230 posts, read 428,081 times
Reputation: 460
Quote:
Originally Posted by Jenbren2006 View Post
I am a pharmacist so of course I'll find a job there-not a concern. The concern is it takes 30-45 days to close and we are trying to avoid temp housing and extra moving fees.
Get established in Oregon first. Rent when you get there and then start looking for a house later. Buying before you know the area is an easy way to make a mistake.
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Old 10-24-2015, 03:41 PM
 
3,805 posts, read 9,292,836 times
Reputation: 4978
Quote:
Originally Posted by Jenbren2006 View Post
I am a pharmacist with a credit score of 750. We are moving from Colorado to Oregon . We rent here and will be purchasing a home in Oregon.
We have been working with a lender in Oregon who assured me we can use the income at my current job to puchase a home in Oregon since I'm just starting my job hunt there and won't have an official offer for a few weeks. What he didn't explain is that we need to use the house we rent here in Colorado even though our lease is up in December, as a secondary property. So I go from qualifying for $375000 to only $200000 which would put us into absolutely horrible houses. We don't want to go through the hassle of temporary housing to bridge the timeframe gap. I have an 8 year old daughter who I want to keep in the same school once we move to Portland.
This news is incredibly upsetting to us and it doesn't make sense. I could understand it if we owned a house in Colorado but we rent and obviously that payment will be gone after December.
We are looking at getting a second opinion with another lender. Any help would be greatly appreciated.
I'm in Lake Oswego. The market here is slightly insane - I'm sure you've recognized that.

Regarding the part in bold above, it sounds like they are qualifying you based upon the assertion that you are not leaving your existing job, and the purchase in OR is being deemed a Second Home?*** That might get dicey if the Verification of Employment comes back saying, "yeah, he just put in his notice to quit" or something.

If/when you get an offer letter, you can be pre-approved based upon the new base salary, and then close upon receipt of paystubs covering the first 30 days of employment for a Conventional mortgage. FHA is just the first paycheck.

It might be next to impossible to find a situation wherein you rent the home you plan to buy. I do a lot of corporate relocation, and this is the goal of many Transferees. And it never pans out. Sorry the lender was not more thorough and clear with you.
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