Financing in Skokie>Question Details

Tracy, Home Buyer in Albany, OR

My fiance & I are moving from IL to OR in June after our wedding. He has a job lined up. Can we apply for a mortgage before I have a job in OR?

Asked by Tracy, Albany, OR Sat Jan 29, 2011

We both have good credit and currently rent. My only debt is $2500 in student loans. His debt is $250,000 in student loans from medical school, but the loans are deferred for the next 3 years until he finishes his fellowship in OR. I have been employed as a nurse for 4 years and I am optimistic about finding a job in OR, but I'm not sure anyone will hire me 5 months in advance. I already applied to one job and they told me that they were interested in me but that I should call back in May. We are very interested in a specific house and would like to pursue financing it, but are afraid to list my fiance on the mortgage because of his debt. If I am the sole purchaser, will I need to have a job lined up in OR before I start applying for mortgages? Should the lenders be based out of OR or IL?

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A short term rental might be the best way to go. a six month lease would give you breathing room to find a home you really like plus satisfy the stricter lending/underwriting requirements Michael mentioned. I think there are lending programs specifically targeted for new doctors in your boat.
Best of luck! it must be great starting a new married life in a great city. How exciting!
0 votes Thank Flag Link Tue Feb 1, 2011

You will need to find a lender who is licensed in Oregon. They don't have to physically be located there, but they do need to be licensed there. John is correct... as long as the student loans are deferred for at least 12 months after the closing date then FHA will not count them in your debt ratios. But you will need to be working or at least have a valid contract from your employer which shows how much you'll be making. Good luck.

0 votes Thank Flag Link Mon Jan 31, 2011
Lenders need be in state you have an interest in your purchase.

Is your finance currently working in hospital ? Lenders usually require 2 years of employment prior purchase.

Confer all your questions to a mortgage broker offer assistance more questions need answers.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Mon Jan 31, 2011
Hi Tracy!

This is tricky and is really going to come down to the lender you are dealing with. Nowhere in your question did you mention your down payment. If you are putting a healthy down payment (25%) this will weigh in towards compensating factors. My gut opinion is to talk to a lender in IL and look at it as though your are purchasing a "vacation" property in Or. I would recommend sitting down with a lender in IL and have them guide you through the process.

Best of luck on your relocation!

Jonas Mancuso
Remax / Lakeland
0 votes Thank Flag Link Sat Jan 29, 2011
First, you'll need a lender in OR. Second, you can discuss this at length with an Oregon lender and come up with a strategy that can work. Using your fiancé’s income and debt will be best worked out when you meet with the local lender. If you think the home won't be available in 4-5 months when you'll be moving, see if you can buy it now based on your current job and your fiancé’s fellowship.
Congratulations on your coming wedding and welcome to the Northwest.
0 votes Thank Flag Link Sat Jan 29, 2011
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