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keep in mind that you won't be able to get a mortgage without a local job or a telecommuting agreement (they'll verify it).
I've been told the opposite. For instance, when working with Citi, they were willing to approve me for a mortgage, based on my current employment status, even though I was clear about now having employment lined up in NC.
Not possible?
It is..... More and more people are doing. I am sure it is case by case (IE; down payment, FICO score, etc.)
I think if thousands move here without a job thinking "it's not a big deal" it will be a HUGE deal...
Really? What if they come with savings account. That comment would assume home owners weren't to bright. I would have to give them some credit. Anyone with a JR high education (Most home owners I am sure have a High School diploma) SHOULD know that you have "x" amount in the savings which will get you "x" amount of time to get a job. Unless I am missing something? While I have never filed BK nor had to be foreclosed on, I would assume it is no fun and everyone would want to avoid this. Speaking of banks, I am sure the bank just doesn't say, "we can foreclose, he has $60k in equity, loan him the money. They want a little more than that (IE; Good credit, previous employment was long term, etc.). I know there is a loan officer here, maybe he can chim in?
Anyone moving without a job want to comment on this? Are you going without money along with no job? Do you have money that can float you "x" amount of time?
I know some of the locals may say people are coming by the dozens, but to picture lines of cars on the freeway to get there I doubt nor thousands in a short time. I have read the stats, it is growing, but in small amounts compared to other big cities most of us are used too. So, yes, I don't see it as a big deal.
Last edited by TornadoAlley; 07-20-2006 at 09:08 PM..
Really? What if they come with savings account. That comment would assume home owners weren't to bright. I would have to give them some credit. Anyone with a JR high education (Most home owners I am sure have a High School diploma) SHOULD know that you have "x" amount in the savings which will get you "x" amount of time to get a job. Unless I am missing something? While I have never filed BK nor had to be foreclosed on, I would assume it is no fun and everyone would want to avoid this. Speaking of banks, I am sure the bank just doesn't say, "we can foreclose, he has $60k in equity, loan him the money. They want a little more than that (IE; Good credit, previous employment was long term, etc.). I know there is a loan officer here, maybe he can chim in?
Anyone moving without a job want to comment on this? Are you going without money along with no job? Do you have money that can float you "x" amount of time?
I know some of the locals may say people are coming by the dozens, but to picture lines of cars on the freeway to get there I doubt nor thousands in a short time. I have read the stats, it is growing, but in small amounts compared to other big cities most of us are used too. So, yes, I don't see it as a big deal.
Yes, some of us came into it with "x" amount to get by w/out a job.
I know it's not for everyone one, but it can work. Do i like spending the money with out it comming in- NO. But it's the choice we made going into to it. We had enough put aside for just that for at least 6 months worth.
Really? What if they come with savings account. That comment would assume home owners weren't to bright. I would have to give them some credit. Anyone with a JR high education (Most home owners I am sure have a High School diploma) SHOULD know that you have "x" amount in the savings which will get you "x" amount of time to get a job. Unless I am missing something? While I have never filed BK nor had to be foreclosed on, I would assume it is no fun and everyone would want to avoid this. Speaking of banks, I am sure the bank just doesn't say, "we can foreclose, he has $60k in equity, loan him the money. They want a little more than that (IE; Good credit, previous employment was long term, etc.). I know there is a loan officer here, maybe he can chim in?
Obiously my comments were not related to someone with a $500K trust fund looking for a $200K mortgage. But everyone knows that lenders can pre-qualify you for an amount much higher than what you can comfortably afford. I have been pre-qualified for something that I would never commit to unless I wanted to live on an extremely tight budget.
As far as the "3 amigos" Good Credit, employment, savings. That's true, lenders look at the combination of them, not one or two alone. However... the fact is that those 3 things walk hand-in-hand. You can't really have good FICO if you had lack of employment in the past, for example. Or you can't put money on savings if you're employed on a low salary.
Bottom line is - don't let banks or lenders tell you if you can get the loan or not. Create your own budget and see if you're comfortable commiting to moving without a job or with a much lower pay job. At the end you might not agree with what they tell you.
Last edited by Grass Is Greener; 07-21-2006 at 06:50 AM..
Yes, some of us came into it with "x" amount to get by w/out a job.
I know it's not for everyone one, but it can work. Do i like spending the money with out it comming in- NO. But it's the choice we made going into to it. We had enough put aside for just that for at least 6 months worth.
We feel the same - moving w/o jobs but we have money saved. Should be able to buy outright or with small mortgage. Still very nervous because it's not a great position to be in! I think it can be done though. Some of my concern comes from making sure we are adequately insured ... we'll use COBRA or buy short term health insurance, but still makes me nervous. Thoughts about that from anyone???
But Grass is Greener has a good point - lenders telling consumers they can afford more than really possible. Lots of people are probably in trouble, and it's a mindset that needs to be adjusted for a lot of people. So when people talk about moving somewhere w/o jobs and qualifying for a house, it does sound like more of the same risky business. Can we live with you until we find a job???
Really? What if they come with savings account. That comment would assume home owners weren't to bright. I would have to give them some credit. Anyone with a JR high education (Most home owners I am sure have a High School diploma) SHOULD know that you have "x" amount in the savings which will get you "x" amount of time to get a job. Unless I am missing something? While I have never filed BK nor had to be foreclosed on, I would assume it is no fun and everyone would want to avoid this. Speaking of banks, I am sure the bank just doesn't say, "we can foreclose, he has $60k in equity, loan him the money. They want a little more than that (IE; Good credit, previous employment was long term, etc.). I know there is a loan officer here, maybe he can chim in?
Anyone moving without a job want to comment on this? Are you going without money along with no job? Do you have money that can float you "x" amount of time?
I know some of the locals may say people are coming by the dozens, but to picture lines of cars on the freeway to get there I doubt nor thousands in a short time. I have read the stats, it is growing, but in small amounts compared to other big cities most of us are used too. So, yes, I don't see it as a big deal.
We have a friend who's wife stayed home to take care of their 4 kids so they were only on 1 salary and their mortgage and other added expenses were just too much to handle. So they sold their house and moved to Holly Springs without a job lined up, but they knew they had about 8 months to live on before they had to be concerned. I think it all comes down to whether and how much someone is willing to dip into the savings before a job oppty comes along. That's really a matter of personal preference.
Anyone moving without a job want to comment on this? Are you going without money along with no job? Do you have money that can float you "x" amount of time?
No money, no job, no skills, and I had to borrow the money for the bus ticket.
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