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Good Day,
First post, I was wondering if some one with knowledge in the field (Mr. Smart Money, etc ) can help me with a couple of questions I have regarding a mortgage.
I have a Home in NY, purchased in 2009, in the beginning of the year(2015) we decided that we didn't want to deal with the weather and high taxes in Long Island, NY and we want to move to Florida, where my wife has Family. My wife got a Job there (hospital) and a family member rent us a house until we ready to buy a home in Florida. She moved there first with daughter, I stayed in NY to handle our house sale.
We put our house in the market last week of May and we received an offer month later, signed the contract 4 weeks ago. Now we founded a home in Florida that we like (new) and the salesperson mentioned that I can purchase the home based on the sale of our house in NY.
The price of the Florida home is 198,800.00.
Our NY home will sale for 307,500.00, we own the bank 222,000.00 .
which will leave us 85,500 left
-12,300 real state fee's
- 3000 taxes and attorneys fee's
Leave us with 69k to purchase of new home in Florida.
we are planning to put 20% down,
Taxes are 2800 + HOA 900 a year.
My credit 730
6000 in Credit card debt that I can pay half tomorrow but LO advised not to since he already ran my credit.
55K in student loan ( 300.00 a month)
18k vehicle loan (389.00 a month) my wife pays every month
I'm unable to put my wife in the loan due to her credit is not the best, declared bankruptcy 1 year ago.
Now the issue is I'm still employed in NY , after my house sells, I will be living with my father rent free until I get a Job in Florida.
My father wrote a notarized letter to bank stating the above.
I have submitted all the Docs to the LO, from W2, Income tax returns , sales contract (both homes) Employment Verification , pay stubs, bank statements. LO informed that my application went to underwriter Monday.
What are my odds to get this loan approved? since I'm still in NY? I was advised not to switch jobs if I was planning to apply for a mortgage.
Hello, you provided a lot of information, but unfortunately, not enough to answer your question. Please DM me with your telephone number and I will be happy to speak with you.
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