Home Buying in Jasper>Question Details

Rkeim2, Home Buyer in Gainesville, GA

My job is transfering me to Jasper area. Can I get a GA mtg while living and working here in FL?

Asked by Rkeim2, Gainesville, GA Wed Apr 3, 2013

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Yes you can, but Rodney is 100% correct in his post. As long as this is a permanent Relocation verified by your employer this should not be a problem. However you will need to occupy the residence within 30-60 of closing.
The biggest hurdle most people face when relocating is the debt to income ratio used for lending approval. If you do not have at least 30% equity in your current residence (I'm assuming you own a home in FL) and have a tenant under contract to lease your home, or have a pending sales contract on your existing home then both mortgage payments will be counted against you. This can make qualifying harder for some people.


Chris Irvin
Mortgage Banker
Brand Mortgage
NMLS #75615/465546
0 votes Thank Flag Link Thu Apr 4, 2013
You may or may not be able to as a Prmary Residence depending on your exact circumstances. To qualify for a mortgage on a Primary Residence, all loan programs will require that you occupy the new property on a full time basis within 30-60 days of your closing date.

If your employer is transferring you to GA permanently, then that is a different scenarion. In that case, you would no longer be living and working in FL, but rather both would be in GA.

When relocating to a new area and purchasing a home, there are several things to be aware of. All of the agencies (i.e. Fannie Mae, Freddie Mac, HUD) have minimum requirements for time on the job and starting a new job.

For someone who is salaried or hourly, you generally must be employed at least 30 days with the current or new employer. This is due to the fact that a pay stub reflecting at least 30 days of YTD income is going to be required prior to closing.

If you are paid by anything other than a W-2 (i.e. a 1099, self-employed, etc), then you must have 24 months of receipt of that type of income. Some exceptions are possible if your current employer switched your compensation from W-2 to 1099 or commission.

Closing on a mortgage prior to starting a new job with a new company is only considered on a case by case basis for certain fields. Generally, a non-revocable employer agreement confirming your new salary, position, and start date will be required.

When you are transferring to a new area, but with the same employer, that is generalyl accetpable. A letter detailing the specifics of hte transfer will be required.

If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Wed Apr 3, 2013
Yes, that shouldnt be a problem. Feel free to give me a call or email me if you'd like help with a pre-approval.


866-936-5363 ext. 278
0 votes Thank Flag Link Wed Apr 3, 2013
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