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We put in an offer on a house in Apex a week ago, with plans to sell our Florida house and mortgaging only $100,000 on a $250,000 house. This is our 4th house, our credit is stellar, and our income to debt ratio is low. I will move with the kids to the Apex house so my special needs son can go to a better school, while my husband continues to work in Florida (he's been at his great job for 8 years). He has had no luck in a year getting any response for NC jobs, I guess because we are out of state. Anyway, the BIG problem is that the mortgage broker has given us a pre-approval letter, but will not close the loan until DH has a job in NC. We really want this house, and this "no job in NC, no mortgage in NC" rule seems really stupid. Who cares where my husband works as long as the mortgage gets paid? Does anyone have any suggestions to help us???
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,770 posts, read 7,517,673 times
Reputation: 2118
Quote:
Originally Posted by cjsmom2000
We put in an offer on a house in Apex a week ago, with plans to sell our Florida house and mortgaging only $100,000 on a $250,000 house. This is our 4th house, our credit is stellar, and our income to debt ratio is low. I will move with the kids to the Apex house so my special needs son can go to a better school, while my husband continues to work in Florida (he's been at his great job for 8 years). He has had no luck in a year getting any response for NC jobs, I guess because we are out of state. Anyway, the BIG problem is that the mortgage broker has given us a pre-approval letter, but will not close the loan until DH has a job in NC. We really want this house, and this "no job in NC, no mortgage in NC" rule seems really stupid. Who cares where my husband works as long as the mortgage gets paid? Does anyone have any suggestions to help us???
The mortgage broker is acting a little strange. Well maybe not really. They have to work with their [restrictive] rules and the framework of the banks/lenders they are brokering. If you want, I can PM you "my mortgage guy". I won't post it here for fear of getting "zapped".
I'm purchasing my home in Waxhaw, NC, I'm *not* selling my home in MA (which is a duplex- just going to rent it out). My business is telecommuting and air travel by nature so I'm location-independent. Anyway he made it all *work* for me. So if you want, you can PM or post here and I'll PM you his contact info.
And nope (to those thinking), I don't get a referral fee, just trying to be a helpful citizen
We put in an offer on a house in Apex a week ago, with plans to sell our Florida house and mortgaging only $100,000 on a $250,000 house. This is our 4th house, our credit is stellar, and our income to debt ratio is low. I will move with the kids to the Apex house so my special needs son can go to a better school, while my husband continues to work in Florida (he's been at his great job for 8 years). He has had no luck in a year getting any response for NC jobs, I guess because we are out of state. Anyway, the BIG problem is that the mortgage broker has given us a pre-approval letter, but will not close the loan until DH has a job in NC. We really want this house, and this "no job in NC, no mortgage in NC" rule seems really stupid. Who cares where my husband works as long as the mortgage gets paid? Does anyone have any suggestions to help us???
what would happen if you told them you want it as a vacation home?
I can't see why they would care where you live as long as you pay
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,770 posts, read 7,517,673 times
Reputation: 2118
Quote:
Originally Posted by cjsmom2000
Our NC home would be our only residence, not a vacation home. That is a nice thought though!
Right, but what TBlitz is suggesting is that the paper work is different if it's a second home. However you say you are purchasing a home that is $250K and will need a mortgage of $100K? You're going to have 60% equity. I don't understand his issue. If you default you lose more than the bank!
I casually had asked my loan agent the same question. We found a realtor and got pre-approved while my husband was out interviewing for jobs, but I was curious if we could still move forward with offers on a house while waiting to hear back from jobs....Anyway, she never gave me specific details since he did get hired right away, but at the time she had said to not worry about it because there could be ways to get around it by trying to get a loan as an investment property or a second home even though we didn't own a house. Our loan was higher than what you need too. I think you may want to try to ask another loan broker for suggestions.
I casually had asked my loan agent the same question. We found a realtor and got pre-approved while my husband was out interviewing for jobs, but I was curious if we could still move forward with offers on a house while waiting to hear back from jobs....Anyway, she never gave me specific details since he did get hired right away, but at the time she had said to not worry about it because there could be ways to get around it by trying to get a loan as an investment property or a second home even though we didn't own a house. Our loan was higher than what you need too. I think you may want to try to ask another loan broker for suggestions.
I was also thinking an invest property. I don't see how they can tell you know espically when you have a lot of money to put down.
We put in an offer on a house in Apex a week ago, with plans to sell our Florida house and mortgaging only $100,000 on a $250,000 house. This is our 4th house, our credit is stellar, and our income to debt ratio is low. I will move with the kids to the Apex house so my special needs son can go to a better school, while my husband continues to work in Florida (he's been at his great job for 8 years). He has had no luck in a year getting any response for NC jobs, I guess because we are out of state. Anyway, the BIG problem is that the mortgage broker has given us a pre-approval letter, but will not close the loan until DH has a job in NC. We really want this house, and this "no job in NC, no mortgage in NC" rule seems really stupid. Who cares where my husband works as long as the mortgage gets paid? Does anyone have any suggestions to help us???
i'd go with a different lender. and not a bank. banks are two impersonal and don't care.
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Primary Residence, not a Vacation Home
