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Old 06-13-2009, 07:58 PM
 
Location: Louisiana
157 posts, read 519,445 times
Reputation: 49

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I have been unemployed since Oct 2007 with the exception of a 4 month job stint from Oct 2008 until Feb 2009 I have been on unemployment since.

I have a very specific job skill and now I have found employment in another state. CA to LA

I sold my house and have about 180K in the bank to put down.

I own another house with a 69 mortgage (payment 550) per month and it is valued at 175

Is it true even with my FIco of 780 I can't get a mortgage for several months after starting the job.

I have a net worth of about 900,000 includimg the equity of 180 I mentioned.

Help because if I can't get a mortgage I have to rent and do a double move.

I have never missed a payment on any account ever.

Thank you for your advice.
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Old 06-13-2009, 08:48 PM
 
48,508 posts, read 87,729,894 times
Reputation: 18137
Why not just pay cash. But it is always wise to rent when you move to a new area.
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Old 06-14-2009, 10:28 AM
 
Location: Louisiana
157 posts, read 519,445 times
Reputation: 49
I prefer to get a mortgage house cost 350,000. I do not want to pay all cash for that and have nothing to fall back on. I also want to purchase a rental prop. for my mother so I am confused.
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Old 06-16-2009, 11:27 AM
 
Location: Missouri
1,554 posts, read 4,246,666 times
Reputation: 740
It is smart not to use all your down payment money since what is going on with the economy. Do not make the mistake buying a home right away in another state. You should rent first to get the feel what is the best place to live and also you will know what the best deal is out there living there at least 6 month to a year. You need to figure out what is important a home of your own first or help you mother get rental property. I am not sure if you can do both now? Please do not use all of your 180 down on your house.
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Old 06-16-2009, 10:36 PM
 
Location: Louisiana
157 posts, read 519,445 times
Reputation: 49
Found out can;'t get a loan until 1st paycheck. Guess I should listen to you guys and rent first. I do not want to put it all down on a house due to economy as you suggest. Heck renting may be better anyway.

But it is hard to find a rental with 2 large dogs and I have searched and searched. Could buy and then refi I guess.after 1st paycheck
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Old 06-16-2009, 10:42 PM
 
Location: Long Island
9,436 posts, read 20,210,467 times
Reputation: 5149
Quote:
Originally Posted by GoreeGal View Post
Could buy and then refi I guess.after 1st paycheck
that could mean closing costs twice
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