Home Buying in Ridgeway>Question Details

Virginia Wan…, Home Buyer in Philadelphia, PA

How do you qualify for a mortgage if you want to move out of state and are leaving your current job?

Asked by Virginia Wanna Be, Philadelphia, PA Wed Aug 17, 2011

Would like to relocate to Ridgeway,VA or nearby and need to sell our current house in order to move and buy a new house. Do mortgage companies consider the number of years worked at current job to approve?

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5
Hey Virginia,
Allot of comes down to credit and income to debt ratio. A could place to start would be to speak with a lender in that area so you are fully aware of what you are looking for. This also depends on how much you sell your current home for. Yes they will peak at your income for the past 2 to 3 years and making sure you have stable income. Good luck to you.
Deeley Chester
0 votes Thank Flag Link Tue Aug 23, 2011
I agree with Anna...who said purchase the new home before you move. If neither you nor your husband have a job in the new location...or the means to pay cash for the new home...it will be very difficult to get a loan.
0 votes Thank Flag Link Thu Aug 18, 2011
You will need to have a job here in Virginia before you would qualify for a mortgage unless you are married and qualify under your spouse's income (and of course that is if your spouse has a job here in the area). When my husband and I moved here, it was for his job and he was in the same profession, so that carried over. I was also in real estate before, so my income carried over as well. If you find a job in the same area of expertise, your job history will carry forward and you can qualify for a mortage in most cases right away. You will just have to provide paystubs during the process and your employment will be verfied several times during the loan process.

Some people just rent for a while as they get acquainted with a new city and are searching for employment. That might be a good option for you unless you have enough cash to purchase a home outright. Good luck with your move!
0 votes Thank Flag Link Thu Aug 18, 2011
They want to know how you are going to pay back the loan. Do you have income?
0 votes Thank Flag Link Wed Aug 17, 2011
Visit with any loan officer for answers to your questions as they apply to your specific situation; you may wish to consider purchasing before leaving your current job, unless you already have other comparable employment lined up--again any loan officer can best advise....
0 votes Thank Flag Link Wed Aug 17, 2011
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