Home Buying in Aurora>Question Details

kc1996doming…, Home Buyer in Omaha, NE

How to buy a single family residence in another state?

Asked by kc1996dominguez, Omaha, NE Wed Nov 7, 2012

Im currently in Omaha, NE and would like to buy a house in Aurora, CO(or nearby areas). Will qualify for FHA in Feb. 26, 2013. Have about high 600's credit score. Have 3.5 % down. My big concern is regarding the employment/job, what would I need? Do I have to move first, and then wait a whole year of being employed and then apply for a loan? (3bd 2ba pref.) Have been pre-qualified but in Omaha with current employment for $130,000 ($1,000/month)

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If you get work in the same field you should not have a problem. There are programs for lower FICOs and there are still some that require 0 down (instead of 3.5%) if you have not owned a home in the last 2 years.

You can still buy at $130K in central to north Aurora, but for newer or more upscale sections of Aurora you would need to come up a bit in price.

I own many rentals in the area and am very familiar with price points and neighborhoods in the area - let me know if you would like my help.


Chris
0 votes Thank Flag Link Tue Nov 13, 2012
If you get work in the same field you should not have a problem. There are programs for lower FICOs and there are still some that require 0 down (instead of 3.5%) if you have not owned a home in the last 2 years.

You can still buy at $130K in central to north Aurora, but for newer or more upscale sections of Aurora you would need to come up a bit in price.

I own many rentals in the area and am very familiar with price points and neighborhoods in the area - let me know if you would like my help.


Chris
rel8services@hotmail.com
0 votes Thank Flag Link Tue Nov 13, 2012
Julihouser,

The lenders like to see a 620 minimum credit score, although there are some special programs that could go a little lower. Will you have a job when you come to Colorado? If you have a job and are in the same line of work, it has been a big plus over the years. There have been many changes in lending lately, but I think that is still true. If you would like more exact information, you will need to speak to one of our great Colorado lenders. Call Joe Massey - 303-809-7769 for more details on this and about coming in from another state to purchase.

By the way, $130,000 is a tough price point now in the Denver/Aurora area for a home purchase. You may need to be a little flexible and consider a condo or townhome in that price range. You will have more options that way. Best of success. We are here to assist you with all of your real estate needs.

Robert McGuire ASR
Realtor/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Wed Nov 7, 2012
It sounds like you are looking for a personal residence. It is different if an investment. Get a team on your side. I am a local Aurora licensed real estate agent, and have lived in Aurora for 14 years. My son works for a Colorado bank mortgage department and can answer mortgage qualification questions with authority. Still some single family available in that price range but most will require some updating at the price. Rick MacLeay, http://www.RicksHomes.com for real estate, cell 720-933-3957. And Dan MacLeay 303--909-1603 for Peoples Mortgage (Peoples Bank based in Colorado Springs). Dan works in Denver branch office and has also been Aurora resident 14 years. I think he has done a recent loan with as little as 1 or 2 paychecks on new job. Thanks, Rick rick@RicksHomes.com .
0 votes Thank Flag Link Wed Nov 7, 2012
yes, it will be an owner occupied property.
Flag Wed Nov 7, 2012
Juli, if you have a job here (in Colorado) then you will most likely be fine. If not, you will definitely need to wait until you are employed.

Contact me if I can be if service!

Bob
303.770.1180
Web Reference: Http://Bloghomedenver.com
0 votes Thank Flag Link Wed Nov 7, 2012
Juli,
If you plan to move and change jobs, if the new job is in the same field, for the same income or more, you may only need to wait for 30 days of pay stubs and/or the letter offering the new job.
0 votes Thank Flag Link Wed Nov 7, 2012
yes, that is the plan, to get a job in the same field with same or better pay. Once approved, how long would it take to close on a property? What would be the shortest amount of time giving the best case scenerio? I dont know if I should rent a month to month apartment, or a get a 6 month lease instead.
Flag Wed Nov 7, 2012
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