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My wife and I will be moving to the Dallas - Ft Worth Texas area in a couple months from Florida to chase the grandchildren. We just sold our home and after paying off all our debts and student loans we will have about $100k to put down on a $300k home. Our credit score is around 700.
My wife thinks that since we will not be transfering jobs and will have to find jobs once we get there, at likely less pay than we currently make, we will have trouble getting a mortgage. I expect that combined we can both bring home at least $6400 Net with no debt to start.
I tell her that people move across state lines and start new jobs all the time and that we shouldn't have anything to worry about. I am thinking that with $100k or about 1/3 down that we shouldn't have any problem getting a mortgage. The bank will have sufficient equity that we are not a risk. Furthermore we intend to rent and work for at least 6 months while we get to know the area and decide where we want to buy.
Is my thinking wrong? What are the ins and outs when making a move and career change like this with this much down?
My wife and I will be moving to the Dallas - Ft Worth Texas area in a couple months from Florida to chase the grandchildren. We just sold our home and after paying off all our debts and student loans we will have about $100k to put down on a $300k home. Our credit score is around 700.
My wife thinks that since we will not be transfering jobs and will have to find jobs once we get there, at likely less pay than we currently make, we will have trouble getting a mortgage. I expect that combined we can both bring home at least $6400 Net with no debt to start.
I tell her that people move across state lines and start new jobs all the time and that we shouldn't have anything to worry about. I am thinking that with $100k or about 1/3 down that we shouldn't have any problem getting a mortgage. The bank will have sufficient equity that we are not a risk. Furthermore we intend to rent and work for at least 6 months while we get to know the area and decide where we want to buy.
Is my thinking wrong? What are the ins and outs when making a move and career change like this with this much down?
Thanks
If you aren't employed while you are trying to qualify for a mortgage you're going to have trouble. Lenders want to see income, not just assets. You could have a lot of assets and $ to put down, but that doesn't guarantee you'll use that money to make your loan payments going forward. You could blow all your savings on fancy vacations and new cars (not saying you would, but they don't really know you yet). Get the jobs first. Being employed will also make finding a rental easier. They want to see steady income too.
My wife and I will be moving to the Dallas - Ft Worth Texas area in a couple months from Florida to chase the grandchildren. We just sold our home and after paying off all our debts and student loans we will have about $100k to put down on a $300k home. Our credit score is around 700.
My wife thinks that since we will not be transfering jobs and will have to find jobs once we get there, at likely less pay than we currently make, we will have trouble getting a mortgage. I expect that combined we can both bring home at least $6400 Net with no debt to start. Will they be full time jobs with guaranteed minimum 40 hour work weeks or a guaranteed minimum salary? Really need clarity here as to the types of jobs and pay you are leaving, and what you hope/expect to get in DFW.
I tell her that people move across state lines and start new jobs all the time and that we shouldn't have anything to worry about. I am thinking that with $100k or about 1/3 down that we shouldn't have any problem getting a mortgage. The bank will have sufficient equity that we are not a risk. I am sorry but this is not correct. You will need sufficient credit and document-able income in order to qualify regardless of equity position. Furthermore we intend to rent and work for at least 6 months while we get to know the area and decide where we want to buy.
Is my thinking wrong? What are the ins and outs when making a move and career change like this with this much down?
Thanks
Please clarify the question above in regard to new jobs and income. thanks.
My wife and I will be moving to the Dallas - Ft Worth Texas area in a couple months from Florida to chase the grandchildren. We just sold our home and after paying off all our debts and student loans we will have about $100k to put down on a $300k home. Our credit score is around 700.
My wife thinks that since we will not be transfering jobs and will have to find jobs once we get there, at likely less pay than we currently make, we will have trouble getting a mortgage. I expect that combined we can both bring home at least $6400 Net with no debt to start.
I tell her that people move across state lines and start new jobs all the time and that we shouldn't have anything to worry about. I am thinking that with $100k or about 1/3 down that we shouldn't have any problem getting a mortgage. The bank will have sufficient equity that we are not a risk. Furthermore we intend to rent and work for at least 6 months while we get to know the area and decide where we want to buy.
Is my thinking wrong? What are the ins and outs when making a move and career change like this with this much down?
Thanks
No job / No income = no mortgage . Same goes for apartments.
Im in the middle of getting two mortgages right now and it its supppper annoying. Hopefully both will be closed in 1 week.
My wife and I will be moving to the Dallas - Ft Worth Texas area in a couple months from Florida to chase the grandchildren. We just sold our home and after paying off all our debts and student loans we will have about $100k to put down on a $300k home. Our credit score is around 700.
My wife thinks that since we will not be transfering jobs and will have to find jobs once we get there, at likely less pay than we currently make, we will have trouble getting a mortgage. I expect that combined we can both bring home at least $6400 Net with no debt to start.
I tell her that people move across state lines and start new jobs all the time and that we shouldn't have anything to worry about. I am thinking that with $100k or about 1/3 down that we shouldn't have any problem getting a mortgage. The bank will have sufficient equity that we are not a risk. Furthermore we intend to rent and work for at least 6 months while we get to know the area and decide where we want to buy.
Is my thinking wrong? What are the ins and outs when making a move and career change like this with this much down?
Rule of thumb for most mortgages is 2 years steady employment (preferably in same industry). Sometimes they will consider school as part of the 2 years, such as a recent grad who gets a job in their field of study.
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