Mortgagae quesion (Tampa, Orlando, St. Cloud: mortgage, credit, loans)

[jeffakki]

Help! I'm moving to St. Cloud, Florida this summer. I'm going to be buying a new home which they say will take around 4 to 6 months to build. So I'll be renting for 7 months as the new house is being built. I called the builder KB Home today to ask a few questions. At the end of our conversation he proceeded to tell me about the new house loans. He says, when moving to Florida you'll need to find a job in the same line of work as you were in your previous state or you won't qualify for a new house loan. He tells me mortgage companies need to feel secure when lending money these days, so they now require new Florida residents work in a similar job as before, or TWO FULL years in a new job before qualifying for a new home loan. Is this a true statement or what? This doesn't sound right to me. I'll be making a joint loan with my father. Finding a new job wouldn't be a problem for me as I've been in hotel management for the past 10 years, and there are plenty of hotels in and around Orlando. The problem is, I'm really looking forward to finding something new, something that allows me to plan for retirement down the road. I'm looking for and would like a new start. My father has been in the casino business in Biloxi, Mississippi for the past 16 years. He's retired military. The nearest casino to St. Cloud is The Hard Rock Casino in Tampa, and he doesn't want to drive up to 80 miles there and back every day. He's planning on finding something new and close to St. Cloud, again for a fresh start. If we find jobs outside our area of expertise with a suitable income shouldn't we still be able to get the loan regardless of our job history? Our credit history is a good one and we'll be coming to Florida ... bill free! Doesn't it make sense to lending institutions that moving to Florida, 100% of Florida's new residents can't possibly find a similar job as in their recent past? Can anyone give me feedback on this issue? If this proves to be the case, would applying for a VA Loan do away with such lending nonsense?

Another question. Has anyone recently bought a home from KB Homes, in the St. Cloud Mallard Pond Classic area? If so how was the buying process? Were you satisfied with the way they dealt with you and are you now satisfied with your new home? What incentives did they give you at the signing table? We/re looking to have at the minimum all closing costs absorbed by KB Home. Is this unrealistic?

Thanks for your anticipated feedback. Looking forward to living in the St. Cloud area ASAP!


TY

[MovingtoFLASAP]

That is standard in the mortgage industry - 2 yrs in the same line of work. (and it has nothing to do with where you live or are going to live).

Investors do get nervous if you change careers while in the mortgage process. However, if it makes sense, they are okay with it (meaning if you have a degree in that line of work)...

As far as a VA loan is concerned, I am not sure....