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.
hopefully someone with some experience can shed some light. i'll be specific.
we live in ny (long island) we are currently renting. i have my own business that does well and i have it for sale. we are looking to relocate to new hampshire and have found a house for $199K. we are ready to make an offer and buy this house. we have 20% in cash ready to put down. problem is, we dont have jobs up in NH. my accountant/mortgage guy says its gonna be a tough one.... what if my business (corp) is still in tact? would a bank give me a mortgage and look at this as a vacation property even though i rent in ny? our credit is good to excellent (mine is mid to upper 600's and my wifes in mid 700's. she is a medical assistant and makes ok money but she will still be at her job when we go for this house in NH.
when we move we are looking to start a home business and also i will be getting a job outside the home. we hope to have money from selling my business to live on while we get ourselves established.
thanks for any help. if you need any more specifics just ask.
It is a little complicated. First thing, buying the home as a "vacation property" if you intend to move there would be mortgage fraud. Some banks and brokers may be willing to go along with this (I know many that did this sort of thing a few years ago) but DO NOT accept that.
These days, most underwriters will question your motives and if any red flags appear kill the loan during underwriting. Even if the loan closes... do you want to worry an audit in 2-3 years will turn up fraud and land you in trouble?
Be honest and upfront and see what your options are. Starting a new business will likely not work out, as most lenders will want to see a 2 year history of income of the business. Regardless of your success in NY, the new business in a new location might not have the same results so in most cases you will need a 2 year history there.
Now if you are getting a W2 job outside the home and your wife a job in a similar field as she is in now you might be able to use those. You will likely need a paystub or at least a very solid employment letter with income information. Just find a reputable banker or broker licensed in the area you are moving to and disclose all the facts. There may be some options here, but be careful and take it slow if necessary.
If your business requires your presence and the business presence is in NY, it's going to be a problem. However, the more wired we get, the less of a physical presence is needed. For example, my job as a loan officer does not require me to go into an office, unless I wish to. Many online sales catalogs are handled out of the home. I once had customers that owned a Harley Davidson shop (gear, not bikes or repairs) in CT move to VA because 1) a large portion was internet sales, and 2) they kept the business in CT and added a second shop here in VA. An architect I know is sailing around the world, drawing plans and designing in the South Pacific right now. Could your business survive w/out you or with you in another location?
Talk to someone where you plan to move.....lay it all out and see if any ideas come to mind. If you can't do it now, you will at least know what you need to work towards.
Good luck!
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 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.
