Self employed and moving to new location buying a house. (Tampa: mortgage, loan)

[maga15]

My husband and I are selling our townhome in Colorado and relocating to Florida. He has been an independent contractor for 5 yrs now, and he wants to continue to be self employed but in a totally different field. How would that work for us to be able to get another mortgage? Would the wait 2 year rule apply, or would we be able to buy a house a few months to a year after we get settled and he gets established in the new area? Thank you.

[captchaos145]

Hi Maga. I'm a mortgage loan officer.

Your husband could have made a milion dollars a year for the last 5 years. Once he switches fields everything starts over. He would have to be working for at least 1 year minimum UNLESS you have a large percentage to put down and you get alternative financing.

[mermaid sees all]

You might also want to avoid Pinellas County if he's a contractor. This area still hasn't recovered very much from the recession plus there's a ton of unlicensed handyman that severely underbid jobs so they can get the work.
I see less of that in Tampa though.The economy is very unpredictable in Tampa Bay and those that are into new construction tend to go with out of state lower job bidding contractors.Just make sure to do your research before you think about coming here.We'd hate to see anyone else go through what we have unecessacarily

[lavender]

Go with mortgage advice, ensure that the new field is going to work here, businesses and self employed folks come and go so quickly in this business climate. Having worked with people relocating both successfully and not so well, and I'm not underestimating how much homework has been done by you both, just be sure its the right thing.
Funny - you are going to address a balance if you come here, I have clients who are relocating from here to CO !