Loan advice: relocating to another state

canestim · Joined: 21 Oct 2005 Posts: 3

Hi all,

I need some advice on what I should do in my situation of relocating to another state and a couple of loan questions. Here is the basic situation: Right now I live rent free in Flroida and plan to be married in April. We want to relocate to Georgia. Since my Fiance works for a large corporation she can pretty much transfer any where. No problems there. I would have to find a new job however.

So my question is what advice do you have on moving and getting a loan? For instance, I know most loan companies want you to be with your job for a year. I have been working at my current job for more than one year and if I relocated I would be starting over. Does this mean I should purchase the house before I am married with my current job and hope to find a job up there later (shouldn't be to hard to find a job, lots of things available in my field in the area)? Will these things this affect me being able to get a mortgage loan?

We don't really have a place to go after we get married. We either have to purchase a home or rent in Georgia but I don't know which way I should go. I don't really know what to do. We live in Palm Beach County Florida and house prices are not only way out of my price range (homes are about $350,000) but renting almost is too ($1100 per month!). However, in Georgia I can afford a very nice home and we have family in that area. Does anyone have any advice for me?

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

First of all, as long as you are in the same line of work you should be ok with finding your new job. The best case scenario would be if you could have a job lined up before you closed, but that doesn't always happen.

Your soon to be wife may also be able to use relocation benefits through certain companies. I know that we offer relo programs for many large companies, and I imagine that some of our competition does as well.

If your wife can transfer then her income will be able to be used with the new job, that's no problem at all.

The important things are make sure that your credit is in good shape, and that you have some money set aside for this. While you can certainly get 100% loans, there are still closing costs to consider. It's not always possible to get 100% loan and have the seller pay for the closing costs, and even if you can have that, it doesn't hurt to have some money in back-up for 'reserves'.

If you have some further questions, please read the post at the top of the list and fill out that information and post it here :)

chow · Posted: Fri Oct 21, 2005 8:12 pm Post subject:

If you secure a job. with a salary, and you have no "probation" period-for the salary, have the new employer, or present employer send the Processor of UW of the loan a letter -or a copy of your terms of employment.

Or request one, along with contact information to be verified off of the contact information you supply when you use this with loan application.

I always request a letter with terms and hours and expected base bay when I accept a "JOB", why wouldn't a person who's moving ask for the same? :wink:

canestim · Joined: 21 Oct 2005 Posts: 3

Interest rates seem to be going up lately. I don't want to miss out on these low rates. It seems that everytime I check the overnight averages they go up. A one percent increase can add around $80 or so a month more to my mortgage payment which would cause me to settle for a lesser home.

I am thinking I should just go ahead and purchase a home in a nice area with plenty of job potential in the surrounding areas and just hope for the best. I would just have to take care of everything from down here in Florida until I can get up to Georgia. I need to move out of my place by the end of April/ beg of May. So I might just purchase the house now and as March gets here start looking for a new job. What do you guys think?

chow · Posted: Wed Nov 02, 2005 9:31 am Post subject:

I don't know what you do for a living, but most companies are now working on the budgets for next year payrolls. You might be better off starting with your job serch NOW. I went to a job fair the other day because several of the banks and servicing companies were there. Most of them were looking for sales people, but we were told that many of them would have other openings at the begining of the year, and they would start interviews in Dec/Jan. All of them took our resumes if we were ready to relocate.

Come to think of it-Every job I've ever had that was high end salary, was when I was hired at the very year end, or January. My old boss, who hasn't worked since our investment banker (Lehmen Bro's) closed us down, already has had 3 calls, and is looking at interviews coming up this month and next month. (she can relocate-I am very happy for her!)

I don't think she will be able to move until Feb/March, but in our business-'ve never seen a small thing like working a few thousand miles away from her office, and a trip once a month to the office-keep her from working. (Most people in our business can work in a virtural office if we have a few phone lines, DSL's, and decent time management skills.)

canestim · Joined: 21 Oct 2005 Posts: 3

I have been browsing jobs for the past couple of weeks. The problem in getting a job right now or in Jan is that my soon to be wife wants me to be here during that time because apparently that is a important time for "wedding stuff" :)

Otherwise, I would just move up there right now and rent a small place because I have seen a lot of jobs for me in the area and then I could go house searching on my days off.

But since she doesn't want me to leave I guess I could start looking for a house now and go up there on the weekends to look at them. I just didn't know if it would be a problem with the mortgage company since I would be buying the house while I still had my job and residence in Florida.

chow · Posted: Wed Nov 02, 2005 3:40 pm Post subject:

If you're in a skilled profession, they may hold the job open for you, until after the wedding. Nothing ventured-Nothing gained! :wink: