Buying a house w/ new Job - Mortgage? (Raleigh: renting, condo)

[kishan_the_finder]

We are currently in suburbs of IL. We looked for a house in 2016 in burbs. Because of the state IL is in, we're thinking of moving to NC area. We both work full-time. We're going to leave our jobs and look for new jobs in that area before we move in.

We are planning to buy a house probably in 6 months after we move there.However, I have a question on getting a mortgage, once we get a jobs. Since we both will be in new jobs, will it affect our hunt for mortgage? Rate? Or any other things that I need to know?

We have enough savings to put down 20%.

Any info related to the above can help...

Thanks!

[Funky Chicken]

Originally Posted by kishan_the_finder

We are currently in suburbs of IL. We looked for a house in 2016 in burbs. Because of the state IL is in, we're thinking of moving to NC area. We both work full-time. We're going to leave our jobs and look for new jobs in that area before we move in.

We are planning to buy a house probably in 6 months after we move there.However, I have a question on getting a mortgage, once we get a jobs. Since we both will be in new jobs, will it affect our hunt for mortgage? Rate? Or any other things that I need to know?

We have enough savings to put down 20%.

Any info related to the above can help...

Thanks!

It shouldn't hurt you if your credit history is where it needs to be and you have consistent employment. how long have you been in your current jobs? How long at the current residence?

[m378]

Talk to a mortgage company or broker.

As long as you have a job, and good employment history, it shouldn't matter. They will need to know about the any job changes though.

We had a closing cancelled the day of, with all our stuff in a moving truck because the buyer never told the mortgage company about his new job. It was fantastic.

[kishan_the_finder]

Originally Posted by Funky Chicken

It shouldn't hurt you if your credit history is where it needs to be and you have consistent employment. how long have you been in your current jobs? How long at the current residence?

Current job, 2 years. I was a consultant for 10+ years before that. My wife 3 years FT.
Currently renting a condo for 3 years in IL.

[mvarghese84]

Consistent employment history is all that matters.

[wheelsup]

C-D has a housing/RE forum I would post there, this is more of a generic question not specific to Raleigh.

[Funky Chicken]

Originally Posted by kishan_the_finder

Current job, 2 years. I was a consultant for 10+ years before that. My wife 3 years FT.
Currently renting a condo for 3 years in IL.

This plus 20% down and credit scores in the 700s should be all you need. I'd still shop it a little, but you have the upper hand.

[kishan_the_finder]

Originally Posted by Funky Chicken

This plus 20% down and credit scores in the 700s should be all you need. I'd still shop it a little, but you have the upper hand.

Thanks. Yeah. Score is at ~750. Its just going to be a new employment for both..

[MrRational]

Originally Posted by kishan_the_finder

...we're thinking of moving to NC area.

Don't be in a big hurry to buy.

Move, secure the job, make some friends, learn your way around.
Then, 12-18months later, if all is as it should be, look for where you want to live.

[Jetta]

Agree with previous comments with one addition: Consistent employee history in the same field. You can get a brand new job and get a mortgage day one as long as you have worked in the same field consistently for at least three years.