Financing in New Jersey>Question Details

Brandnubia, Home Buyer in Orlando, FL

I currently live in NJ with plans to relocate to FL. Can I get a mortgage in FL based on my income in NJ?

Asked by Brandnubia, Orlando, FL Mon Jun 13, 2011

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the state in which the income is earned is irrelevant. what you intend to do with the home in NJ is the important part. you can either rent it out or sell it and then qualify for the home in Fla
0 votes Thank Flag Link Thu Dec 8, 2011
Is this for a new job or a transfer?
0 votes Thank Flag Link Mon Jun 13, 2011
Brand,

If your move is job related(the company you are currently working for transfers you) and you have good credit, you may be able to qualify for a loan. However, in the event you are leaving your present employment for the purpose of relocating and purchasing property, this will likely be a bit more difficult because by leaving your present employment you will be creating doubt for being able to maintain your financial responsibility.

You may need to rent for a few month until you reestablish your work status, once again demonstrating a solid investment for lenders.

Good luck,

Bill
0 votes Thank Flag Link Mon Jun 13, 2011
You may be able to purchase it as a 2nd home or investment property, but to buy it as a primary residence your source of income would have to be able to continue while you are living in FL. If you are buying as a primary residence, can your job transfer you down to FL, or can you find new employment down there?
0 votes Thank Flag Link Mon Jun 13, 2011
very unlikely? Unless your job is going with you? Getting a mortgage is based on your ability to pay it back. if you don't have the same job, the tool that allows you to pay your mortgage it would be hard to say you could pay it back....

ps. here is a blog about when is the "right" time to buy
http://blog.house-guy.com/2011/06/when-is-it-good-time-to-bu…
0 votes Thank Flag Link Mon Jun 13, 2011
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