Sunday, February 21, 2010

Buying a new house when relocating?

What is the best way to get pre approved and financed for a new house when you have sold your existing house and moved to another state for relocation purposes? The dillema we are in is I will have a job even though it will be less than 6 months of present employment with that company and my wife has a job presently but will be obtaining new employment upon arriving in the new commmunity. Is it still possible to get financing under that scenario?Buying a new house when relocating?
Best thing to do is to have a detailed, confidential conversation with a mortgage broker.Buying a new house when relocating?
Talk to a loan officer. People get loans all the time in your situation. I'm not sure if all banks do this or not but there is something called ';trailing spouse income';. They will give you credit for a percentage or your wife's old income even if she doesn't have a job in the new city yet.
In order to get the best rates you will be asked to show 2 years W-2 and the last 3 week paystubs at closing but for a small hit on the rate you could go 12 month bank statements. Your job should not be an issue even if you havent been their a long time. Most of the lenders will give you a rate reduction if you have been on a job for more then 5 years but most will not penalize if you have had it less. At the most the lender might ask to see a letter from the new employer on a letter head. Depending on your credit score and the amount you want to finance you might not have to show income or employers at all. Please let me know if you would like to discuss in further detail, Jenny553401@yahoo.com. I am a licensed loan officer and I have been in the business for 15 years also I can finance in all 50 states. Good Luck
As long as both jobs are in the same field and are relatively similar or better compensation you should have no problems getting a new loan at all!! Most lenders require that youa re in the same position or field for at least 2 years or show you have changed fields for better compensation which would be proven by showing last 2 years w2's and tax returns.

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