Confused about getting home loan while still employeed in florida?

[vlan1]

Originally Posted by prettypistol

AGAIN... A job would be secondary we are moving there in order to utilize the savings and have him FINISH his last year of school, if employment comes before or during that great... if not then when he's done if he couldn't find work we would likely just sell and move back to south florida

There is a an old saying:

KISS Keep It Simple Stupid.

The austin real estate market is a tough one under normal circumstances.

Your entire scenario you keep spouting off about is anything BUT simple. You will not find any lender to give you a loan in a city where you do not have a job offer in hand. period. Why would they loan you money if you currently have no way to pay it back?

You really need to sit down and think about priorities. If getting Mr. Pistols degree finished is that high up on the list Why not stay in Florida until its done? And if you suggest if he can't find work here you will just move back to Florida, why move to Austin the first place?

Everything you have mentioned sounds convoluted and prone to failure. I can't help but think that you are putting the cart before the horse here in a very major way.

[iamwayne]

Originally Posted by Novacek

Abso-freaking-lutely. They need to know if you'll be having 1 house payment or 2, and what those are, and how they compare to your income. It all goes into the model for determining the chance of you defaulting on the loan.

You mean they are actually asking for proof of finances, not why you are buying a house.

Why are you buying a house? So I can hide my baby mama.

is very different than

What are your finances to qualify for this loan, any debt or income? Here is my finance and numbers.

[rockinar]

This post is weird. Why the rush to move and BUY a house? I still don't see why you can't rent for 6-12 months to feel things out. Considering neither of you will have a job, renting would be a MUCH smarter idea.

You clearly have no idea about the Austin housing market, and probably just as much about the job market

This all seems like wishful thinking.

I still say this will end in disaster.

[A-Tex]

That $95,000 isn't "income." It isn't "savings." It's equity you're pulling out of your home at the time of sale. This kind of magical thinking is exactly what got a lot of people in trouble just a few short years ago.

[OceanGirl815]

We live and work in Michigan but plan to move to Florida. We obtained a "second home/vacation home" loan from a local lender in Florida. Once we close on our house on the 30th we plan to move right down to FL. We even told our lender that and they said thats fine. We have verifiable saved funds to live from for 1 year til we find new jobs. But since you dont have jobs in that particular state lined up then that is how you have to obtain a loan for an out of state purchase. It's not defrauding at all dont let these people scare you!

[Localny]

Investment property is one way to go, but it's a high interest rate. Better to go for a 'second home" mortgage, but you need to have 20% down, and you would have to show you can carry two mortgages. Easier if you are also working..

[Localny]

Moving cities and buying here at the same time is hard. the posters here don't seem to realize it's tough, because it is a leap of faith, a big risk - and you seem to be getting a lot of unfriendly, negative remarks. I'm sorry about that.

You are taking some big risks, but the fact you have savings, and your husband seems to be highly qualified seems to mitigate some of that risk. Are you planning on earning income yourself? This should help the cause no doubt. And once you move, good things can also happen. But having that 95K in savings will definitely make this a less riskier move. You or your Hubby taking a B job helps as well.

Best of luck.