The income source you are using to qualify for the mortgage needs to be maintained after you purchase the home. With income sources of social security, disability income, etc. that usually poses no problem. However when you are employed or self-employed, and are moving to a new area, that creates additional requirements such as confirming the employment will continue after you have moved to the new area.
Is the company you are working for in Philadelphia going to transfer your job to the Sacramento area, or are you allowed to work remotely? If so, then all you would need is a letter from your HR department documenting the job transfer or stating your job position allows you to work remotely.
If neither of those apply, and your plan is to begin work within a different company, then you will need employment in the Sacramento area before you could use FHA financing to purchase a home in Lincoln. The period of time you are employed with the new employer doesn't need to be long, along with the employment contract you would just need to have received one paystub before you close on the loan. So you could get pre-approved with the job offer, but would need to produce those other two documents prior to closing.
If you can't make the employment situation work out, then another option is if a family member is willing to co-sign the mortgage for you, they would need to make enough income to qualify for your debts + their debts, including their own housing payment (so someone who is fairly wealthy and/or who has very minimal expenses).
FHA financing requires a 3.5% down payment, however California has down payment assistance programs which provide you funds to help meet the down payment requirement.
CHDAP http://www.calhfa.ca.gov/homebuyer/programs/chdap.htm - up to 3% of the sales price.
CHF Platinum http://www.chfloan.org/Programs/Platinum/CHF_Platinum.html - up to 3% of the 1st mortgage loan amount.
CHF Access http://www.chfloan.org/Programs/ACCESS/CHF_ACCESS.html - up to 3% of the sales price.
CHDAP is arguably the best assistance program of the 3, as the CHF programs have higher interest rates and the CHDAP assistance program has deferred interest. All 3 of these programs programs have income limits though, meaning your cannot exceed the limit for the area you are buying in. These assistance programs also need a little more time to process, so conceivably it could make your offer less attractive to a seller. If there is family that will gift or loan you the down payment funds, or if you can borrow from your 401k, those would allow you more flexibility in choosing a lender as well as making your offer more attractive for a seller to accept.
Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
At this time there are no FHA approved condo complexes in Lincoln. I work in this area and the only exception for FHA financing on a condo is if it is a HUD owned foreclosed condo. Even if you lived here you would likely need to purchase a condo with at least 5% down. You can purchase from Philadelphia with conventional financing, but you will need to speak with a lender as far as what your required down payment might be. If it is considered a "second property" your required down payment might be higher. I have a great lender I can recommend if you need assistance.
Keller Williams Realty
548 Gibson Dr. Ste 200
Roseville, Ca. 95678
Ph (916) 872-7775
Fax (916) 960-4594
Email me or call me
Coldwell Banker Sun Ridge
Roseville, CA 95747