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My husband and I currently live in California, and are ready to own our own home. We are expecting and would like to have our new home within three to six months. The dilemma is we currently are renting, and have a small down with good credit. Due to me being pregnant I will have to take off of work for a bit, and my employer is hanging on by a weak thread. We are currently paying $1600 a month for rent, and really want to make our money work for us and not someone else's mortgage. I have been told we should get pre-qualified now since I have been with my agency for five years, but I have also been told I need to have a job where we are moving to , to qualify for the loan and the house in that state. Does anyone have any experience with this and advise. I really want my baby to be able to come home from the hospital in our home. Thanks in advance.
My family and I are relocating - we sold our house in the fall and currently rent in one state and just signed a contract on a house in a different state. In talking with many, many lenders, you pretty much do need a job where you are moving too. We finally found a lender that is manually underwriting the loan as a "secondary residence", because we aren't going to move until my husband has a job (Im staying home with our girls after the move), regardless of whether we have the house or not. We have 800+ credit scores, are second time buyers, had a decent down payment, and jobs we've been with 10 years, and have had many conversations with the people doing the loan.
One thing to be prepared for is the week before closing, the loan underwriters will be calling your employer to verify that you really do work there, and you need to be able to provide 30 days of pay stubs from the same place. So don't count on starting a new job right before you close.
It's honestly been very stressful and exhausting, especially taking the time to drive or fly to look at houses in another state, and I can't imagine doing it while I was pregnant! I completely understand wanting to bring baby home to a house rather than an apartment, and if you really want too, by all means go for it. But, for my two cents, I'd rather enjoy pregnancy and the new baby, even in an apartment, then throw new jobs and a new house on top of it all at once. You are going to be so busy with baby, you may never get unpacked LOL
Best of luck - with both the new baby and the house!
You would have to buy the house as an investment property which would be a higher interest rate. Honestly, I agree with the above poster that you should have your baby, find jobs, and then move.
I did as Csphillips did when my DH and I moved x-country. Our mortgage is considered a second home but we still got an incredible rate. i think that is something to look into and still be employed where you are til after your closing. oh, im assuming it couldnt be a second home but a vacation home instead? (ours was considered a second home even though we had sold our home already and were renting)
I want to say thank you to the whole panel of advise givers. The update is I took?a civil service exam for another county job in the state, and they called me for a job interview. Based on the outcome of the interview I will see what my next move is. Thank you again.
Lender want to see that you have the ability to re pay your loan. If you're taking off work and you're moving out of state with no job, how do you spect to pay your mortgate? To be able to qualify for a new loan you need, good credit history, 3.5+% downpayment + closing cost and at least a two years of steady job. A new job will not cut it for the lender, it's to risky. You can buy as investment property but again you need to proove you have enough income to pay your current rent + your new property and isterest will be higher.
Good luck to you!.
Lender want to see that you have the ability to re pay your loan. If you're taking off work and you're moving out of state with no job, how do you spect to pay your mortgate? To be able to qualify for a new loan you need, good credit history, 3.5+% downpayment + closing cost and at least a two years of steady job. A new job will not cut it for the lender, it's to risky.
Thats not always entirely true.
We moved from MD to NC last year, I was starting a new job and the wife was laid off a month before we moved.
I had to provide 1 pay stub from the new job to show I was working there, and had to get the company to extend an offer letter to me stating the salary and the position I was getting.
Lender want to see that you have the ability to re pay your loan. If you're taking off work and you're moving out of state with no job, how do you spect to pay your mortgate? To be able to qualify for a new loan you need, good credit history, 3.5+% downpayment + closing cost and at least a two years of steady job. A new job will not cut it for the lender, it's to risky. You can buy as investment property but again you need to proove you have enough income to pay your current rent + your new property and isterest will be higher.
Good luck to you!.
I appreciate the input, but as you can see I am not trying to move without having a job already. I was looking for advice on someone else who has been in my situation. But thank you for your response anyway.
We see people change jobs and relocate all the time......it all depends upon credit history, rent history, assets and liabilities.....the job history is just part of the equation, but having two years on the job is not a requirement.
We just did this, was not that hard really. 800 plus credit score, over 20% deposit, same job position last 5 years, job transfer from California to new state. Slam dunk really I guess, no real suprises. We are very happy, best of luck. My advice just go for it. it's not that hard.
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My husband and I currently live in California, and are ready to own our own home. We are expecting and would like to have our new home within three to six months. The dilemma is we currently are renting, and have a small down with good credit. Due to me being pregnant I will have to take off of work for a bit, and my employer is hanging on by a weak thread. We are currently paying $1600 a month for rent, and really want to make our money work for us and not someone else's mortgage. I have been told we should get pre-qualified now since I have been with my agency for five years, but I have also been told I need to have a job where we are moving to , to qualify for the loan and the house in that state. Does anyone have any experience with this and advise. I really want my baby to be able to come home from the hospital in our home. Thanks in advance.
Thank you Millie
