Wecome to GOD's Country, but wait, the answers simple. No, you will find it next to impossible to buy a home without having a job or major assets other than equity in a home in Illinois. All lenders want to know how you will/can afford the monthly payments to pay the loan over time, period.

Get jobs first so you don't have a gap or you have a small gap in your employment and rent if you have to until you have established your employment. There may be more to your story that I don't know but on the surface, my asnwer will save you some heartache, so feel to call me if you have more information that may be different.

Mark Cooper ABR, CRB, CRS, e-Pro, MRE

I would start looking and interviewing for jobs now-- in Colorado. Most likely with your loan/ new mortgage-- you will need one or both of you-- working, in order to purchase/ and get your loan approved. You'll need at least 2 years-- in the same line of work most likely. I would be happy to give you a couple of names-- who specialize in the Mortgage Industry.
Kathryn Carlson, Licensed Real Estate Broker Owner ,
Bachelor of Science, Realtor, Accredited. Luxury Home Specialist, e-Pro Certified
Memberships: National Association of Realtors,
Colorado Association of Realtors, Denver Board of Realtors, Council of Residential Specialists,
Council of Luxury Home Specialists, Colorado Mortgage Holding Company, Licensed HUD Broker, Denver Metrolist
Homes and Lifestyles of Colorado
_____________________________________________
Finding Your Place Called Home
Cell (720) 226-8199 - Direct (303) 816-9199 - Fax (303) 845-9938
Email: Kathryn@DenverHomeLiving.com
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Market Conditions: http://www.DenverHomeLiving.com
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you must really like CO
what if you don't find jobs?

anyways

good luck

Sue,

It’s harder to get mortgages these days and believe that’s a good thing. There are still stated plans with 10% down. It’s best to wait because you’ll get a better rate when the job situation is in order. In the mean time http://www.SimpleHomeFinder.com has ever listing on our MLS and it will you can set up an email alert to send you just the new listings.

Hope this helps,

Anthony

contact these lenders, They are GREAT! http://www.americansummitmortgage.net

Hi Sue,

You will love living in Colorado! As mentioned in previous answers there are still a few lenders offering "no doc" loans with A+ credit. This has worked for several of my buyers relocating to Colorado without first securing employment. Good luck!

I thought I had answered this before, but can't find it. So...my answer is: You might look into the possibility of 2nd home financing based on your current employment and equity in your existing home. You may be able to get locked in on a loan of this type. I realize you don't want to move twice; however, you could realize tremendous savings if you become more familiar with the area you're moving to and find a home listed for under the market value. Even though the price of homes here may seem to be quite reasonable compared to where you're moving from, you can still realize even better values within the areas you've selected to move to, once you've become familiar with them.

We live in the Pueblo/Pueblo West area and really love the fact that we can be up in the Rockies in a short drive and yet don't have to deal with tons of snow in our day-to-day life. Also, we're a short commute to Colorado Springs (35 mins) and to Denver (2 hrs) but the home values here are so much better than either Colorado Springs or Denver.

You can shop for homes in our area by going to: http://www.puebloareahomesforsale.com
We'd be happy to send you any additional information.

Good luck!

Greetings! Congratulations on your upcoming move. It looks like your question has been answered ad nauseum....

I recently opened-up Denver's first "green" real estate company and have extensive experience throughout the Denver metro area. Should you need any assitance with your search or would like an "insiders" perspective on living in or near Denver, please feel free to be in touch.
-Christian Thompson
Christian@greendoorliving.com

Sue: I would run your question by a mortgage specialist. I have great confidence in:

Mark Tracy
Mutual Security Mortgage Ltd.
2019 10th St.
Boulder, CO 80302

303 443 5575 o
303 809 1222 c

> http://;www.mutualsecurity.com
>mark@mutualsecurity.com

The employment market is still very solid in Boulder County and the real estate market has cooled over the last several months, making it a pretty good time to be moving here. If you're interested in receiving e-mails showing MLS listings in Boulder County, let me know.

Jeff Cahn
Homestead Real Estate, LLC
(303) 499-8882
Jeffreyhcahn@earthlink.net

There is no hurry to buy a house in Colorado. Rent for a while, get stable employment then buy the house. You will get a lower rate by having stable employment and you may not even be able to get financing in this market without a job. Don't worry, there will always be houses on the market and with the way home prices are plummeting, you will probably be better off by waiting anyway.

I want to let you know that I just was talking to my friend that finds jobs for local companys.
I know I can help you out. If you like you can contact me through my site and I will help you out.

Sue,

I'm so glad the feedback you got was useful! If you find yourself looking for mountain meadows in the Evergreen/Conifer/Golden areas in the foothills west of Denver, please stop by the Intero office at Evergreen Lake. We have an unbelievable amount of information on the areas (to include fishing, hiking, 14'ers, area events and more) and an excellent map that covers from Golden to Idaho Springs and Bailey to Morrison. It also has all the open space in green so that you can see how neighborhoods lie in relation to protected lands.

Having been born and raised on the south side of Chicago myself, I am sure you will love it here! It offers so much in every season. Good luck and best wishes!

-Jody Wagner
Intero Real Estate Services
jwagner@interolakepoint.com

-Jody

Hello, everyone, and thank you so much for your information.

We were expecting that we would have to rent first, but I was hoping to not move twice. Rather than plan in ignorance, I decided to pose the question to those "in the know". Your answers have been completely enlightening and we're thankful for your time and consideration.

This lifestyle change is a dream of ours and although we'll miss Ski Season 2008, we're so looking forward to the New Blossom Season in some lovely mountain meadow along the Front Range.

Thanks again. Happy New Year to all!

SueO

Sueo - I ran this quesiton by my preferred lender and he said that he has done these types of loans but the attractiveness of the loan will be a function of your other assets, your other outstanding debts, your credit scores and history, etc. If employment can be easily found, then it may pay to rent temporarily while you are scouting out neighborhoods and searching for employment so that you can obtain better financing.

Do you have any idea where in Colorado you would like to live? I have been here for 22 years and it has been great - if your home sells soon, you can still make it out here for part of the ski season!

It sounds like you will have some assets after the sale of your home that would go beyond the 20% down on a new home. Those reserves will come in handy in helping you qualify. I would recommend you take the time to call several lenders and talk with them about loan product scenarios with specific information on your situation (relocation, credit scores, estimated income from your property sale). Start with your current bank, but explore mortgage brokers as well. Many mortgage brokers have a portfolio of lenders with whom they are familiar, and they can tell you what your options are. If you want some Colorado referrals, I have three that are excellent. You don't have to commit to any lender at this point, but you can certainly find out what loan products are available and going to work for you, and what it will take to get here and be a ready buyer.

My final thought is this ... the media has made it seem that the loan market is disappearing, but the truth is that qualified buyers are still qualifying and buying. Those who were touching into some sketchy loan products or overextending themselves are the ones struggling to find financing. With good credit, some money in the bank, and a good lender, I'm sure you will find a way to make the move. And maybe even find a job and a house at the same time! Now wouldn't that be nice :-)

Very best of luck!

Jody Wagner
Intero Real Estate Services
Evergreen, Colorado
(303) 670-3232

In the recent past you could get a no income, no asset loan without employment because the mortgage companies etc... Didn’t really check your employment but now they do. So in order to secure a mortgage with 20% down, you would need an offer of employment letter from a company at your destination within the same line of work in order to reduce your risk resulting in a better rate. Mortgage people want to know how you are going to pay the other 80%. Obviously afterwards if you wanted to change careers etc... than no problem. Your credit score counts for a great deal except even with a very high credit score you still need a means of income, no doc loans no longer exist. If you were self employed and not a W-2 employed person than you could do some stated income, however from your question that is not the case. I will strongly suggest talking to a reputable lender at the destinations you are considering to see what your options are. This information comes straight from the mouth of CTX and Countrywide. I’d like to mention that Grand Junction Colorado is screaming for medical personnel and accounting positions are opening up all the time especially not that tax time is rolling around again. This is a great place to live with some of the mildest winters in Colorado. Give me a shout if you are considering the Grand Junction area.

I work with a lot of relocation clients myself and recently helped a young lady from Palatine, IL who had a similar situation. She was looking for a lifestyle change and was initially more concerned about financing a home then finding employment. One of my preferred lenders was able to get her a great loan product because of her strong credit and down payment. This was after the credit crunch and had little to no effect on her rate or ability to obtain a loan. I always suggest to my clients that they speak to a trusted advisor to get an idea of their options. If you need any kind of referral for this please let me know. I live in Littleton myself and would be happy to answer any general questions you have about the area or specifically about housing. Best of Luck!

Also assuming your credit scores are good, I really dont think that you will have a problem. Dont let the big scary "subprime mortgage monster" scare you. Most of it is hype. There is still plenty of money to lend to worthy borrowers.

You may be able to obtain a no doc loan. I suggest contacting a reputable lender to at least see where you stand.
I have sent stated income and no doc clients in the past to CTX Mortgage CO.
If you like here is the contact info.

(970)256-0087 Debbie Allen
debbie.allen@ctxmort.com

Very reputable and great with communication. They are located on the Western slope of Colorado however they do have offices throughout Denver Metro and other surrounding areas

Especially with the tightening of the lending market today, lenders are looking for stable employment. Long term employment in Illinois will show some stability, and 20% down is helpful, but it would sure help if you could show them that at least ONE of you, is employed upon arrival (or before leaving Illinois)... it would be even MORE helpful if you could show that you're being "transferred" within the same organization.