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Old 06-01-2006, 12:15 PM
 
217 posts, read 737,799 times
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I have read on here that alot of you are moving without jobs...Yet many also say that they have bought a house there already. How does that work. Don't you need to show you have a job to purchase a house??

My husband and I are planning on relocating this summer. But if he doesn't get a job offer before then I will go out with the girls first.

How does the house purchase work with no job or if he is still working here??

Thanks.
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Old 06-01-2006, 12:21 PM
 
Location: Blue Ridge Mtns of NC
5,661 posts, read 24,622,530 times
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I would imagine one would only need a source of income to finance a home purchase. Some folks have the cash from selling their previous out-of-state home and can buy in NC and still have cash leftover while they look for employment.

Last edited by mm34b; 06-01-2006 at 12:25 PM..
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Old 06-01-2006, 02:00 PM
 
Location: Atlanta, GA
2,290 posts, read 5,035,157 times
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I know exactly what you mean, Chimp.

Most lenders that I've asked, tell me that you need to show income in the state that you're moving to in order to get a mortgage loan. Which, in my mind, forces a lot of people to rent first and then buy (requiring one extra move, at least).

Some banks will do a bridge loan (lending you money based on the equity in your old house) but not many people can't qualify because it means that a person could conceavable have three outstanding mortgages at one time (the old first mortgage, the bridge loan, and the new house mortgage). A big risk for the bank.

So I guess the way we're going to do it, Lord willing, is to sell our house; move; store our stuff; find a decent extended stay type of hotel; and then buy.
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Old 06-01-2006, 02:45 PM
 
170 posts, read 517,596 times
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We too, are getting ready to move. The for sale sign went up today. Talk about a mixture of emotions!! My husband won't have a job there yet, so I guess we are also going to go, (kids, dogs, and all), put things in storage, find an extended stay hotel or perhaps a short term rental, and get him to work, so we can get a house shortly after. The hardest part is if you have kids, you need a permanent address for schools. Yikes, we need to get moving! Anybody need a house near Seattle?
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Old 06-01-2006, 03:33 PM
 
195 posts, read 167,011 times
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Depends on how much your putting down on the house too, how god your credit is. Many factors.
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Old 06-01-2006, 06:09 PM
 
2,301 posts, read 1,890,281 times
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We are going with no jobs too. Hopefully when the time gets closer we can land one. We are going to purchase a lot to build on when we go this month.
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Old 06-01-2006, 06:09 PM
 
Location: Midcoast Maine
4,958 posts, read 10,562,130 times
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momof2boys,
We moved into a townhouse when we moved to NC. This way we were able to look for a house without having to rush. Quite a few apartment complexes offer 6-month leases, which is what we did. A lot of them also allow pets, usually with a one-time pet fee and monthly pet rental fee added onto you rent. If you go to removed you can find loads of rentals and all the amenities they offer. Good luck with your move!

Last edited by Yac; 06-02-2006 at 03:23 AM..
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Old 06-01-2006, 06:11 PM
 
2,301 posts, read 1,890,281 times
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Quote:
Originally Posted by backfist
I know exactly what you mean, Chimp.

Most lenders that I've asked, tell me that you need to show income in the state that you're moving to in order to get a mortgage loan. Which, in my mind, forces a lot of people to rent first and then buy (requiring one extra move, at least).

Some banks will do a bridge loan (lending you money based on the equity in your old house) but not many people can't qualify because it means that a person could conceavable have three outstanding mortgages at one time (the old first mortgage, the bridge loan, and the new house mortgage). A big risk for the bank.

So I guess the way we're going to do it, Lord willing, is to sell our house; move; store our stuff; find a decent extended stay type of hotel; and then buy.

I gonna use my equity on the house I have if I have to. If you can't qualify for two outstanding mortgages you can put a fake lease on one, they don't verify those.
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Old 06-01-2006, 06:14 PM
 
2,301 posts, read 1,890,281 times
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Quote:
Originally Posted by a1m1700
I gonna use my equity on the house I have if I have to. If you can't qualify for two outstanding mortgages you can put a fake lease on one, they don't verify those.

Or by the time we close in NC we can put down 20% and do a no income qualifying loan. There's lots they can do these days for this type of thing.
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Old 06-01-2006, 06:17 PM
 
2,301 posts, read 1,890,281 times
Reputation: 317
Quote:
Originally Posted by momof2boys
We too, are getting ready to move. The for sale sign went up today. Talk about a mixture of emotions!! My husband won't have a job there yet, so I guess we are also going to go, (kids, dogs, and all), put things in storage, find an extended stay hotel or perhaps a short term rental, and get him to work, so we can get a house shortly after. The hardest part is if you have kids, you need a permanent address for schools. Yikes, we need to get moving! Anybody need a house near Seattle?
Congrats! I'm happy you are gonna take the plunge with all of us nuts.
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