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Old 12-08-2013, 04:56 PM
 
16 posts, read 29,095 times
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Is it possible to move to a new area and get a mortgage before getting a job? We would have a large down payment, maybe as much as 65% of a $120k house, meaning the PITI would be less than 25% of income if my wife and I both made minimum wage!
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Old 12-08-2013, 04:59 PM
 
Location: Corona the I.E.
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I would think with that much of a down payment, if you could explain how you will pay if you don't get a job, possible.
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Old 12-08-2013, 08:42 PM
 
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No.
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Old 12-08-2013, 09:21 PM
 
Location: The Triad (NC)
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Quote:
Originally Posted by broecher View Post
Is it possible to move to a new area and get a mortgage before getting a job?
Not from anyone who has any sense.

Which brings up the other end of the equation...
don't even think about committing to a mortgage until you have had a job for a year or more
and have hgh confidence that you'll be staying put for at least another 5 years.
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Old 12-08-2013, 09:22 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
31,241 posts, read 56,878,270 times
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I would say no, there is no income to demonstrate your ability to make the payments regardless of the down payment amount. It makes more sense to hang onto the money and rent or use an extended stay motel until you have a job. Dealing with the usual required two years on the job will be easier to get waived with that much down but could still be a problem. Mortgage lenders are a lot more careful than they used to be.
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Old 12-08-2013, 09:55 PM
 
Location: Southern California
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How much more cash do you have? Do you have a jobs now?
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Old 12-09-2013, 04:11 AM
 
Location: Southern California
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Yes, I can think of two or three ways off the top of my head.
1) Landlord - technically not jobless
2) Getting Parent or Child on mortgage too
3) Nearing retirement
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Old 12-09-2013, 07:58 AM
 
Location: MID ATLANTIC
7,849 posts, read 19,187,893 times
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With the changes looming and lenders required to document you have the ability to repay the note, I don't see who or how you can obtain a mortgage without not only a job, but a job history.
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Old 12-09-2013, 03:47 PM
 
Location: Southern California
4,450 posts, read 5,502,460 times
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Quote:
Originally Posted by SmartMoney View Post
With the changes looming and lenders required to document you have the ability to repay the note, I don't see who or how you can obtain a mortgage without not only a job, but a job history.
If you own a home now, and if current income permits, buy a investment property where you want to move to. Later you might be able to move into it. If you take the loan as a ARM, when you move to it , you can make a large principal payment and it will reduce your monthly payment then if you buy a duplex that is cashflow positive with a large down payment , the building might be self supporting. It will take some time, you technically will not be jobless since you are a landlord.

I know it is an unlikely scenario, but it as a challenge.
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