Home Buying in 11706>Question Details

Gskaufman11, Home Buyer in 17754

We have sold our home in Pa and are moving to Fl. Can we secure a mortgage prior to securing employment in Fl?

Asked by Gskaufman11, 17754 Sun Apr 15, 2012

I have applied for many jobs there and have received many interview requests. We also have our own business that will move with us.

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7
If you can show that your retail business will continue on and you can conduct your business from Florida,, along with anything else you need to qualify on, you should be ok.
1 vote Thank Flag Link Sun Apr 15, 2012
If you can show that your retail business will continue on and you can conduct your business from Florida,, along with anything else you need to qualify on, you should be ok.
1 vote Thank Flag Link Sun Apr 15, 2012
Unfortunately unless your business is showing a profit & 2+ years tax returns you may have a hard time getting a mortgage. With the change in stated income type loans, it is next to impossible to fund unless you have cash in the bank that equals the loan amount. Then you may ask... why get a loan. It's a catch 22. If you need a referral, please let me know.

Geri DeWitt Ruby
Broker/Owner
RE/MAX Moniesworth Realty
1933 Route 52
Hopewell Junction, NY 12533
(914) 489-1958
geriruby@msn.com
http://www.RE/MAX-MoniesworthRealty-ny.com
0 votes Thank Flag Link Sun Apr 15, 2012
You really need to speak with a loan officer, as I don't quite follow how you can bring a retail business with you to Fl (unless it's totally online).....however........most self employed people need to show 2 yrs worth of 1099's, or tax returns, or whatever you have for the business........and you only have 1 year.

Would this retail business income be enough to support a loan?
0 votes Thank Flag Link Sun Apr 15, 2012
We have had our business for one year....it is a retail business.
0 votes Thank Flag Link Sun Apr 15, 2012
Have you had your own business for at least 2 years?

The question you need answered is whether your cuurrent business income, without the new job's income, will be sufficient to qualify you for the loan.

Speak to a loan officer.
0 votes Thank Flag Link Sun Apr 15, 2012
Can your existing business be conducted from Florida? What sort of business is it? I believe this could have some influence.

As long as there is enough there to show that your income will maintain, along with credit and other things, you should be fine.

Javier Meneses
Sterling National Bank
jmeneses@snb.com
0 votes Thank Flag Link Sun Apr 15, 2012
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