Home Buying in Portland>Question Details

Bdorsey99, Renter in 91356

I want to relocate my family to portland, OR metro area. However i still live and work in California. Can I finance a home there?

Asked by Bdorsey99, 91356 Sun Dec 4, 2011

I need to know if i can buy the home now while i still have my current income while i am in the process of moving to the NW?

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15
The answer is not a simple one. Perhaps the question to ask is how do I go about obtaining a home loan in Oregon? The best thing to do is to contact a lender up here and work to get pre-qualified. I work with several lenders in Portland and would be happy to introduce you.

If you are a first time home buyer there are many programs that you may qualify for. Oregon is a green state not just physically, but also when it comes to awareness of our environmental footprint. Many lenders working with the state and federal government have programs in place to help make homes more energy efficient with great discounts to you.

It is worth your time to investigate the loan process and with the help of a quaity lender, determine the best course of action for you and your family.

if you would like some referrals to some great lenders, please feel free to contact me.
0 votes Thank Flag Link Tue Dec 13, 2011
Hello Bdorsey99
I just recently helped clients in this situation. It is all going to depend on your financial stance. Most loan officers would view this as a second home. This is such a great City to live in! All of my clients who have made the move from Ca to Or have been happy! Good luck!
Heather
0 votes Thank Flag Link Mon Dec 5, 2011
Some good answers here. Absolutely you can! I'm closing with a couple who just moved here (bought first) from New York this week. It is no problem after you're qualified with a lender. Hope you love it here in Portland! I'm a huge fan of this city and work from one end of the metro to the other.
0 votes Thank Flag Link Mon Dec 5, 2011
Your question is a great one because if you want to relocate you want to know if you can obtain a home loan.

The majority of real estate agents aren't qualified to answer this question with certainty. Why? Because as licensed real estate agents we need to stick to what we know ... real estate. We don't "approve" borrowers in their home purchase plans. While we may know "of" the loan process, the best answer (IMHO) would be to suggest that you contact a lender who can talk to you directly about your plans. Your best bet is to talk directly with a loan officer who writes loan in Oregon. They can talk to you about what the are looking for -- more importantly -- what the underwriter will be looking for when they review your application for a home loan. They will look at what you are planning to do and give you the answers you need to make an informed decision.

That said, once you're working with a lender and know how much you're approved for with a loan, you can then determine if that amount will be feasible in finding a property here and where. And that's when you should talk to a real estate agent. You first want to know what your loan rates and terms are, then talk with a real estate agent about the other prong of a relocation move: Neighborhoods, areas, lifestyle, commute, schools, price points. identifying suitable properties, etc.

You also want to make sure you work with an agent familiar with the areas here in Metro Portland and who has a strong track record with relocation clients.

If you need a referral, or two, to local loan officers, please don't hesitate to contact me. That really ought to be your first step: finding a loan officer who can answer your questions with accuracy. Because we're real estate agents, not loan officers. :-)

Carla Muss-Jacobs, Principal Broker/Owner
EBA Portland, LLC
Exclusive Buyers Agent since 1999
http://www.BuyersAgentPortland.com
0 votes Thank Flag Link Mon Dec 5, 2011
After talking to a lender in our town my answer to you would be "yes". It will be seen as a second home or investment property (because you're not in Oregon) but the rates for second or investment are pretty much the same with the rates on a primary residence purchase. Now, the only problem left (and I would say the same things mentioned in the other answers) is for you to know on how much money you can qualify. And this is something you need to determine by talking to a lender (in our area preferably - I can put you in touch with at least 5 reliable lenders here) and after this first step you'll need to figure-out what would be the area in town that fits better your needs (this is done by working with an agent). Also, I hope you don't have a house in California you'd have to sell because if you do there's an extra thing keeping the mortgage up to date on two properties. And I also hope you have already a commitment for a job here.
If I can be of any other help, please let me know. All the best.
0 votes Thank Flag Link Mon Dec 5, 2011
I appreciate all these great answers and as if today I am starting my research. Thanks for pointing me in the right direction.
0 votes Thank Flag Link Mon Dec 5, 2011
If you structure your loan as a second home you should be fine as long as your income supports both payments and of course the credit history is acceptable. The continuation of income will be addressed so be careful. If there is a transfer or new job lined up here you want to cover all the bases with an experienced lender and to be safe get a conditional approval from the lender prior to putting an offer in on a home.
0 votes Thank Flag Link Sun Dec 4, 2011
It will depend on your income to debt ratio and what type of work you have waiting for you in Portland area. If it is the same type of work they may finance you - of course it will also depend on your credit scores. If you are planning on staying the the same type of work in Calif and not moving to Portland - just the family - one of the homes will be called a 2nd or vacation home. You have a lot to work out in either case.
0 votes Thank Flag Link Sun Dec 4, 2011
Great question.
Your zipcode looks very familiar, somewhere in the San Fernando Valley. I grew up in Northridge and then moved to Portland almost 10 years ago...Best decision ever!
If you fit all of the criteria that it takes to get a home loan, then you should have no problem purchasing a home. A Mortgage Broker can let you know and if you qualify, can get you a pre-approval letter with and give you a good idea of what your monthly payments would look like. I created this site for people relocating to Portland Oregon: http://RelocationToPortland.com It will have every aspect of what you look for in a Portland relocation website as your personal resource.

Have you found an ideal neighborhood that fits your lifestyle? this link will help guide you through the many diverse and charming neighborhoods that Portland has to offer.
http://relocationtoportland.com/portland-neighborhoods/

Hope this helps. You are welcome to contact me for more great advice for the pending relocation and home purchase, as well as referrals to some of the best Mortgage Brokers in the industry.

Thank you,
Kevin Levy
503-267-7535
M Realty
0 votes Thank Flag Link Sun Dec 4, 2011
Talk to a loan office and find out what you can do. If you can qualify then there is a great opportunity to be able to buy something and rent it until you get here. Email me and I can give you a great lender that really knows her stuff. I am USAA certified for relocation.Tom Inglesby, Broker RE/MAX Equity Group
0 votes Thank Flag Link Sun Dec 4, 2011
Your best place to begin in getting your questions answered concerning mortgage loan qualification is with a Portland area mortgage lender. If you email me directly at patricksmith@oregonrealty.com I will gladly send you contact information for a few lenders who can assist you.

Generally, if you are transferring for a job and the job is either with the same organization or with a different organization but in the same or an advanced position then you should be fine so long as you otherwise qualify.
0 votes Thank Flag Link Sun Dec 4, 2011
Too many questions to give advice to you. You wish to relocate---do you haver a job lined up here? Is it the same line of work? Do you have an employment letter? If not, do you want to buy one now for future occupancy? Many more questions.

Email me for a short list of mortgage brokers who really know the business. I was in the mortgage business for 28 years and know almost all brokers left in the undustry---probably 90% are now gone nationwide. Two in particular here get 100% of my referral, I would use them myself. I respect their privacy and wont just post them here, even though it could give them a referral.
0 votes Thank Flag Link Sun Dec 4, 2011
Absolutely! Buy as 2nd home or investment property (if you can qualify). Speak w/mortgage broker licensed in both states. I have a great referral. Will send your way!!!
Web Reference: http://fabulousportland.com
0 votes Thank Flag Link Sun Dec 4, 2011
Hi Bdorsey99, there are so many variables before that question can be answered. You really need to talk with a lender to see if that fits with the guidelines for the type of loan you;re getting. I have a lender who would be happy to answer, generically or more specifically, and he licensed to work with people in CA as well as Oregon. That would be my first step, but yes, it shouldn't be a problem in most cases, especially if you're planning to come right away. It looks like you don't own other property since you're a renter, but if you do that would be one complication. His name is Ted Spradlin with Alpine Mortgage and the link to his contact info is below.
Having lived all over the country and experienced with the relocation process, and growing up in the Portland area, I've been successfully helping families move to Portland for several years. I have services set up to help, so if you're interested please give me a call or email. My contact info is available through my profile. Best to you in your adventure of moving to a new place!
Marge
0 votes Thank Flag Link Sun Dec 4, 2011
Of course. If you are loan worthy.....a home in Portland can be yours! Edwina Feeney
City of Bridges Realty

Edwina@cityofbridgesrealty.com
0 votes Thank Flag Link Sun Dec 4, 2011
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