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Old 02-01-2011, 11:48 AM
 
41 posts, read 28,901 times
Reputation: 34

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I used to live in Vegas about 5 years ago but moved due to some family obligations. I am seriously thinking about moving back but have some questions. I see real estate has dropped significantly in the city and would like to purchase a home. Now here is the question: I have a good job out here in the Washington DC suburbs and a good credit score as well as savings. Would I get financing to buy a home in Vegas if my job is located in DC. My plan is to purchase the home quit my job and move out west. With the low mortgage and my savings I would be set for at least 1year and a half. What do you guys think?
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Old 02-01-2011, 11:57 AM
 
Location: Simmering in DFW
6,952 posts, read 22,694,877 times
Reputation: 7297
I'd get the loan now. They will ask about the distance from job so you'll need to communicate that you spend a lot of time in LV and rent locally and live there. But I wouldn't quit my job and move w/o at least a part time job lined up.
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Old 02-01-2011, 12:17 PM
 
46 posts, read 109,945 times
Reputation: 72
I think you would have to finance the house in Vegas as a second home. Lenders will not finance if you don't have a job. We had to write a statement to the fact that our Vegas house was a vacation home. The underwriters would not finance with out it. Our lender said it was for the exact reason that you stated (move with no job = no verifiable income for the future). Just my 2cents I am sure that someone on this form will know the exact wording in the lending world.
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Old 02-01-2011, 02:07 PM
 
154 posts, read 357,447 times
Reputation: 109
I live in California and bought our LV home as a 2nd home, just last spring. Conventional loan. There were no questions asked and no problems. (aside from the bank not spelling my name correctly on the final docs and setting the closing date back 2 weeks.)
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Old 02-02-2011, 09:50 PM
 
32 posts, read 55,182 times
Reputation: 34
You do know that Las Vegas has the highest unemployment in the US. Granted when you where here 5 years ago, things were GRAND!!! Not now. Tons of houses empty in every parts of the city. If I was you, take 2 weeks off and see Las Vegas. Even though you have lived here before,sadly Las Vegas is not the same town as it use to be.

Good luck and don't let your emotions get the best of you......
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Old 02-02-2011, 10:13 PM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,507,035 times
Reputation: 7615
Quote:
Originally Posted by Superman12 View Post
You do know that Las Vegas has the highest unemployment in the US. Granted when you where here 5 years ago, things were GRAND!!! Not now. Tons of houses empty in every parts of the city. If I was you, take 2 weeks off and see Las Vegas. Even though you have lived here before,sadly Las Vegas is not the same town as it use to be.

Good luck and don't let your emotions get the best of you......
Party Pooper!
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Old 02-03-2011, 04:25 PM
 
Location: Camarillo
932 posts, read 2,348,786 times
Reputation: 992
Quote:
Originally Posted by Heyygirl View Post
There were no questions asked and no problems. (aside from the bank not spelling my name correctly on the final docs and setting the closing date back 2 weeks.)
How did they spell it? Heygirl instead of Heyygirl?
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