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Old 01-30-2009, 10:11 AM
 
Location: Maine!
469 posts, read 1,632,170 times
Reputation: 319

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Quote:
Originally Posted by familymom View Post
We would like to move out of state. We always figured that we would have enough savings to live on for a few months while my husband looked for a job. How do you get approved for a mortgage without a job? I believe they no longer do "no income verification loans".

We do not want to rent and then move again 6 months later. Kids will be settled in a school and we don't want to up root them again. So renting is definitely not an option.

Yes I know a good answer is to line up a job before hand, but with 4 kids my husband really wanted to get us all settled and back into routine before taking a position. At least 4-6 weeks. He is blue collar not white collar. You get hired with a handshake not a contract.
why don't you just stay put? seriously, have you been in the deep forest somewhere while the economy has tanked due to banks loaning out money to people w/out income verification (among other things contributing to this mess)?!? HELLO! the way the job market is now, without a job lined up you are taking on more than you could possibly handle. we just moved to another state--jobs lined up. it has been a transition for us, but i couldn't imagine doing it without that security of knowing we had employers waiting on us.

if you still decide to move (do you absolutely HAVE to move. . .or are you going on a whim?), suck it up and rent for a year (or at least 6 months) so then at least you get to know your new surroundings and not plunk your money down on a property/area that you end up hating.

give your kids some credit. . .they (kids, in general) are pretty resilient and handle moves better than us adults sometimes.
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Old 01-30-2009, 01:49 PM
 
Location: Visitation between Wal-Mart & Home Depot
8,309 posts, read 33,343,837 times
Reputation: 7038
Quote:
Originally Posted by familymom View Post
We would like to move out of state. We always figured that we would have enough savings to live on for a few months while my husband looked for a job. How do you get approved for a mortgage without a job? I believe they no longer do "no income verification loans".

We do not want to rent and then move again 6 months later. Kids will be settled in a school and we don't want to up root them again. So renting is definitely not an option.

Yes I know a good answer is to line up a job before hand, but with 4 kids my husband really wanted to get us all settled and back into routine before taking a position. At least 4-6 weeks. He is blue collar not white collar. You get hired with a handshake not a contract.
You could show them the balance in your trust fund... That might work...
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Old 01-30-2009, 04:02 PM
 
Location: Orange County, California
1,017 posts, read 2,641,701 times
Reputation: 468
Why doesn't your husband go before you and the kids, get the job, rent a room in the process? That way you're not uprooting your family pre-employment.
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Old 01-30-2009, 09:14 PM
 
Location: Under a bridge.
3,196 posts, read 4,717,419 times
Reputation: 976
Questions:
1. Is your husband working now?
2. Do you have a house now?
3. Can you afford the payments?
4. Why do you want to move?
5. What kind of work does your husband do?
6. Where is that kind of work in greatest demand?
7. What about your career?
8. What about family and friends?
9. What is the cost of housing in your new place?
10. How old are your kids? Are they high schoolers?

You need to answer all these questions before you can get any honest advice about a mortgage.
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Old 01-30-2009, 10:55 PM
 
Location: Tucson, AZ
2,162 posts, read 7,487,378 times
Reputation: 2890
One of the worst things a person can do is move to a new city or state and attempt to buy a house immediately upon arrival. Even with a good job in hand upon arrival, it's not a good idea to instantly run out and buy a house. It takes a while to learn your way around a new area and get a feel for what you like and what you don't like. Yeah, it might be a hassle to rent for awhile and then move again, but it's better than paying way too much for a house because you were in a hurry to buy and didn't look around enough. Or, to buy in a hurry and then realize you would have been much better off in another part of town. That makes the hassle of renting for 6 to 12 months and then moving into a house seem pretty trivial.

No job? No use in thinking about buying a house unless you are going to a city (maybe Cleveland?) that has thousands of foreclosed homes that banks are giving away to the first person that comes along with a few thousand $$ to take it off their hands. Only trouble is, jobs are really scarce in those places.
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Old 01-31-2009, 05:48 PM
 
Location: NW. MO.
1,817 posts, read 5,769,157 times
Reputation: 1345
I'm not sure where exactly you are planning to move but have you considered an owner contract? It is also called a contract for deed some places. You can often, if the owner doesn't want to finance a large amount stipulate that they will carry for whatever amount of time after which you will have secured a conventional loan to pay him off. In this market depending on where you are going there are options and sellers who are having a tough time selling might work with you.
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Old 01-31-2009, 06:10 PM
 
10,630 posts, read 22,757,144 times
Reputation: 6687
I think the idea of your husband going first and lining up a job is a great suggestion. He can also scout out family-friendly neighborhoods so that you make the right choice when it comes to buying. Alternatively, how about moving at the beginning of the summer (right after school gets out), putting most of your stuff in storage, renting a short-term furnished place (ideally in your target school district, just in case you can't move right away), and hope to be in a new home in time for school?

I'd also suggest talking to a realtor in your target area before you move - they can tell you what's realistic or not, loans-wise.

And, like others said, I really wouldn't move right now without a job unless it's absolutely necessary; you could blow through all your savings and easily not have anything left to show for it.
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Old 02-02-2009, 03:03 PM
 
6 posts, read 17,903 times
Reputation: 10
Owner carry or nothing is the answer. That's going to limit your choices. Getting the job first is the only option to increase your choices for a home you like.
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Old 02-02-2009, 05:02 PM
 
Location: Nebraska
4,179 posts, read 9,118,711 times
Reputation: 9523
It has been my experience that people who pack up and move to any place without scoping it out first, usually end up either moving back (with a whole lot less than they started with) or living in their cars.

The questions that dcashley asks are dead on. If you can't answer them, then you shouldn't move.

I know what its like to have wants and desires, believe me I do! but especially with children involved, packing up and moving on a "hope" that you might find a job, and wanting to buy a house without any income, is like asking for the tooth fairy and Santa Claus to provide for you - ain't gonna happen and you will be miserable.

Hubby accepted a job 25 years ago in another city. He stayed there for 6 months, coming home once a month, and THEN we moved the kids. We rented until he had been in the job for over a year, then bought a house. By then we knew the better neighborhoods, and didn't buy a 'pig in a poke'. We always had a roof over our heads and food on the table.

We finally got together enough money to move to our "Dream home" in the country, something we always wanted to do. We had a long history of responsible money management, and were able to put over half down. Still, before we moved, I scoped the internet for two years, checking out houses, house prices, neighborhoods, even coming on City Data and asking about places and towns. With a list of six houses, I and my daughter flew out here for a week to check them out. When we found what we wanted, it STILL TOOK three months for the loan to be approved, and we had to go through a LOT of paperwork back and forth, faxes and emails and overnights. So buying a home is not simple, with no income and no job prospects and no ownership history. We are renting out our house back there, and have put it on the market, but WILL NOT do a carry - too many people move in and then stop paying their rent/mortgage, and would leave us holding the bag from 1700 miles away!

So don't, please don't, pack up those kids and move without a definite objective, job, and residence, or it will only end in tears. This economy is laying off, not hiring, especially blue-collar, and if hubby is employed right now, he's a lot better off sitting tight. It's good to dream and to want things - but you have to plan and work on that plan to make it happen.
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Old 02-04-2009, 09:45 AM
 
Location: Right where I want to be.
4,507 posts, read 7,827,141 times
Reputation: 3304
This has to be one of the worst ideas I have heard, pack up and move without a job and a 'few months' to live on, refuse to rent and expect to buy a house with no income.

What are you thinking...seriously?? We have moved a bunch of times and always rented first, to get the lay of the land, to make sure the job was working out, to be sure of the area we really wanted to live. If you don't want to uproot the kids (heaven forbid we should teach kids to actually DEAL with anything difficult) then send your hubby on first to secure the job and THEN buy the house and then you and the kids move. It's the ONLY way I would suggest with your other conditions (no renting or moving kids).
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