Susan, Home Buyer in Lyndhurst, NJ

my house in contract and i will move back to nj .do i buy first then switch jobs?

Asked by Susan, Lyndhurst, NJ Sun Mar 4, 2012

I have a house in ohio

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6
Corey Grushin’s answer
Susan, Joseph is absolutely right. If you have a job waiting for you in New Jersey you can get the process started forcasting your your income but you most likely won't be able to close until you received your first paycheck from your new company. Good luck with your move and please let me know if you have any additional questions I can help you with .
0 votes Thank Flag Link Mon Mar 5, 2012
If you are working in Ohio, and want to get a mortgage on a home in NJ, the underwriters will not use income from another state to qualify you as having the ability to repay the loan. Unless it is a job that you can do from anywhere in the country. That being said, if you do get a new job in NJ, and it is in the same line of work, underwriters will look for 30 days of paystubs at the new job.

Your best bet is to speak with a qualified & licensed loan officer to determine what you need to do to get mortgage ready. Feel free to contact me. Best of luck!

Watch short video on mortgage insurance changes coming in April.
http://realestatemarbles.com/jscordova/2012/03/02/fha-mip-ch…


Joseph S. Cordova NMLS# 146855
http://www.joecordova.com
Lincoln Mortgage Company
8003 Lincoln Drive West, Suite F
Marlton, NJ 08053
direct fax: (206) 333-0946
cell: (856) 304-2381
0 votes Thank Flag Link Mon Mar 5, 2012
Depending on your other qualifications for a loan, the length of employment may be critical. Talk to a lender now!
0 votes Thank Flag Link Sun Mar 4, 2012
Depending on your other qualifications for a loan, the length of employment may be critical. Talk to a lender now!
0 votes Thank Flag Link Sun Mar 4, 2012
I would suggest you contact a NJ lender. There are requirements around obtaining a mortgage such as: being currently employed, if switching jobs staying in a similar or same profession, submitting paystubs from a new job, living within a couple of hours drive from the home you are purchasing (for a primary residence), or qualifying to carry both your current and future mortgages. It sounds like selling your current home, relocating to a temporary residence and establishing yourself at a job for at least 2 payroll periods may be your best option.
0 votes Thank Flag Link Sun Mar 4, 2012
YES. I WOULD SAY SO. IT WILL BE LESS QUESTIONS WHEN YOU WILL BE TAKING A MORTGAGE.
0 votes Thank Flag Link Sun Mar 4, 2012
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