Financing in Dayton>Question Details

Lori Thomas,  in Dayton, OH

Can I secure a mortgage on a $150,000 home with $100,000 down BEFORE I start my job, in the same field, in another state, or do I need to rent?

Asked by Lori Thomas, Dayton, OH Fri Jun 3, 2011

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Basically, you would be financing $50K which to a lender is 66% LTV... The question is would you be able to qualify for the $50K loan? What do your last 2 years W-2 look like? How long is the gap in your employment? I believe if you truly found a home you love, the sellers would be waiting for a closing date knowing you were bringing $100K to the closing table. You need to sit down with a mortgage lender. Chances are they may have you give a lesser down payment to show you have a minimum of lets say 6 months in reserves being you haven't begun your new job yet. It can be done, but you need to sit down with a mortgage lender who has a little more than 5 years experience, who can help get the loan closed.

Best of Luck;

Christina Solorzano;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Broker of more than 10 years
0 votes Thank Flag Link Mon Apr 29, 2013
You should contact a mortgage broker in the state where you will be relocating. They will let you know what lender laws and requirements are needed to qualify for a mortgage there. There are a lot of other questions which need to be asked in order to answer your question accurately. Good luck.
0 votes Thank Flag Link Thu Sep 29, 2011
Lori, the mortgage companies have changed so much over the past few years and contunies to change monthly. Your best bet is to contact a good loan officer and have them tell you what is your next step or what you need to expect. I have used Charlene Evans with Bank of America 937-478-6508 and found her to be the most trustworthy, honest, and nice person to deal with in the industray. Let me know if I can help or answer any othe questions. John D. Evans Prudential One 937-901-4637.
0 votes Thank Flag Link Fri Jun 3, 2011
Depends on your employment. If you have a contract it's possible. If not, suggest a lease/purchase or land contract. Strong advisory with these two options, find a realtor with experience in alternative financing. Any questions call me. 937-435-2267 ext 163 or emai
0 votes Thank Flag Link Fri Jun 3, 2011

The details need to be discussed with a lender. In todays times you will normally need to have recieved your first check from the new employeer and also have an employment contract. Exceptions are possibe, so discuss the details with a lender.
0 votes Thank Flag Link Fri Jun 3, 2011
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