Profile picture for greg1231

Relocation and new job

 

Assuming you can afford a large DP of 20-40%, have little debt, and excellent credit scores, how much will your mortgage rate be affected by a new job and zero residency time in that state?

  • January 11 2008 - US
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Answers (15)

Profile picture for OKC_LO

Regardless of your credit or down payment, you will have to have at least 30 days on your new job before you can close on a mortgage loan.  Having a new job is only a compensating factor.  It doesn't affect you regarding your rate (at least not w/ my bank.)

  • January 12 2008
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Profile picture for drwloans

Most banks are really impressed if a downpayment is 30% or greater. Unknown to most everyone even those with bad scores are able to get a mortgage, its just that the lower the score the higher the required downpayment. The banks may ask for a letter of explanation as to why you changed jobs and is looking to purchase so quickly. Of course if you are re-locating because of a new job then it will make perfect sense. They may also require a letter from your employer confirming that you are a full time, permanent employee.

  • January 13 2008
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Profile picture for ELender

If you are staying in the same field or at least the average person could see the ties between your old job and new one, you have absolutely nothing to worry about.  The downpayment takes the focus away from it but you will probably have some explaining to do...

  • January 14 2008
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It wont matter as long as you are going to be in the same line of work....

  • January 14 2008
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Profile picture for MORTGAGE OPERATOR
You can write an explanation letter of why you moved and about the new job... if it is on the same line of the previous job you should be fine.
  • January 14 2008
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I agree with Elender, Dave and Amerisave.

 

As long as your employment in the new state is in a similar line of work you should have no problem.  You do not need to wait to get a pay stub.  You would need an offer letter from the new employer and you would need to accept the offer, or a Paystub.

 

Best of luck with the relocation.

  • January 15 2008
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I agree with Elender, Dave and Amerisave.

 

As long as your employment in the new state is in a similar line of work you should have no problem.  You do not need to wait to get a pay stub.  You would need an offer letter from the new employer and you would need to accept the offer, or a Paystub.

 

Best of luck with the relocation.

  • January 15 2008
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Profile picture for greg1231

Thanks to all. As soon as the buyers get the final mortgage approved , DH is on a plane.

  • January 16 2008
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Profile picture for not available b

The only exception would be if you were self employed.  Ortherwise, you need to have at least one paycheck before you can close.

  • January 16 2008
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Profile picture for greg1231

Sean,

 

We can prove a monthly set income from my retirement check. I assume that would be adequate as it will cover the mortgage and house expenses for the month.

  • January 16 2008
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Profile picture for not available b

Not necessarily.  First, let me say that mortgage financing is not always "logical" from a consumer standpoint...but it makes perfect sense from a banking standpoint.  Just because you can cover those expenses with your retirement check does not make you a candidate for financing.  You must meet certain debt ration restrictions.  Depending on the type of financing you receive, you will be limited to between 40% and 45% of your gross monthly income to pay ALL of your credit debt (including your taxes, insurance, and separate maintenance).  And this ratio is based on QUALIFIED income.  All of your income may or may not be eligible for use in this debt ratio calculation.  In order for income to qualify, (in most cases) it must be from a verifiable source (ie awards letter, W-2, paystub, etc), it must be scheduled to continue for at least 36 months from the date of closing, it must be from a job or career field in which you have worked for 2 contiguous years with no gaps greater than 30 days, and if you are self employed you must have owned the business for at least 2 continuous years.  There are additional restrictions for a relocating business owner.

 

Before you assume that there is no issue and jump on a plane...I would sit down with a Mortgage Planner and get yourself pre-approved.

  • January 17 2008
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Profile picture for greg1231

My monthly check from the state pension plan does qualify. It's a sure thing til I die. We have no debt except one car payment.

  • January 17 2008
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Profile picture for greg1231

Sean,

 

Your

  • January 17 2008
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Profile picture for greg1231

xplanation

  • January 17 2008
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Profile picture for greg1231

UGH, darn can't zillow fix this problem! Your explanation makes sense, and the state pension was not an obstacle for financing in our current state.

 

Thanks, Sean

  • January 17 2008
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