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Do we need to move right away to get a house?

We are looking to buy a house out of state. We plan on buying the house first, and then moving within a month or two. Or at least having one of us move right away, while my husband hangs back until I have a job in the state.

We told the lender we plan on occupying the house, but now he's up in arms about us not having employment right away in the state and wants us to basically transfer now, even though we don't even have a home.

Do we really need to be up there right away, even before we get a loan?
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July 30 2012 - Tacoma
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Answers (4)

I do not think that moving is the key issue, the fact is that you are moving to a new area without a job.  If you were paying cash, no biggie, but you must have great reserves to be able to purchase a home without a job.  Why don't you lease for a while and then based on your new jobs buy a home? 
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July 31 2012
I assume you have already determined this is where you want to move to and have good idea that the home fits your needs. If that is the case, most likely what your mortgage rep is upset about is that the loan programs they originated where "Owner Occupied" and by both of you not moving the loan program will not consider both homes as your primary residence. Talk with your lender and see what alturnatives they may have available. You may want to talk to other lenders to find out what makes best sense for you.
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July 30 2012
Profile picture for B Mike West
If you are planning to pay cash for a new home you have no problems. 
If, however, you do need a loan, your problem is going to be the underwriter for the loan you will need.  They hear stories all day long about what people want an plan to do.  They want proof that you have a job and can make your payments.  If you are not transferring jobs within the same company, what proof do you have that you are going to get, and be able to keep, a new job.  Unless the new job is in the same line of work, you will have to have that new job for at least two years before you can qualify for a loan.

You will have trouble qualifying for a new loan unless you have the income to make the payments on your present home as well as those on a new home. 

You should listen to your lender and adjust your plans so that you can satisfy a lender that you will be able to keep making your payments. 
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July 30 2012
Are you familiar with area that you are moving to? If not, I would suggest taking a month to month or temp housing until you figure out the "lay" of the land. 
If you do know the area and are comfortable with where you want to purchase then go for it.
The lender is going to make sure that the investment they are making into you is a wise one. IE if you are applying for a loan on your current salary but know that you will not be there in a few months, it can be considered risky and increase the chances of default or late payments. 
Are you both on the note? Is your Husband transferring? If he is then the loan should not be as "risky". Even upon you personally getting there an getting a new job a lot of lenders like to see at least 3 months of work history and pay stubs. 
Last but not least how much are you wanting to put down. This too can affect the lender(s) decision. 
One option I would also suggest is talk to a lender that is LOCAL to the area that you are moving. 
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July 30 2012
 
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