Home Buying in Fort Myers>Question Details

Chris And Pa…, Both Buyer and Seller in Kansas to Florida

How long would my husband & I have to be employed in FL to qualify for home loan?

Asked by Chris And Paula, Kansas to Florida Fri Jan 2, 2009

Would this timeframe apply to both of us or just one? I can possibly transfer to same retail store where I have been PT for ten years.

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6
Chris and Paula,
Luke is correct you have to be in the same type of work - that will show continuity. It will apply for one or both depending on who is going to apply for the loan. If you can transfer, that is the best situation, but working part time; you are probably going to need both on the loan.
You can speak to one of our mortgage brokers at 239-945-8848 on Monday morning, or you can email her at spearson@timeusa.com and she will be glad to help you with the application and any quesitons you may have.
Della Booth
TIME Mortgage
Web Reference: http://www.TIMEMortgage.net
0 votes Thank Flag Link Fri Jan 2, 2009
Chris & Paula-
As long as you are in the relative same line of work and have received job offers that can verify the income that you are to make, then you should be able to qualify using your new income. This happens all the time and is not something you shoudl worry about.

If you would like to discuss the qualification process, please feel free to call me.

Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com
0 votes Thank Flag Link Fri Jan 2, 2009
Chris and Paula,
These days you need to show continual employment for two years to qualify for a conventional or FHA, VA, or USDA loan. If there are any gaps of employent, they need to be explained in a letter. This requirement is for anyone applying for a loan. Certainly you can transfer within your company, even if it is part-time employment
however, in order to close the loan you must provide 30 days worth of paystubs from the Florida store. Your husband must do the same. If he is not transferring, but changing jobs, the rule is the same.

There are an abundance of rentals in our area if you need a place to stay while you are looking for a home. I would reccommend pre-qualifying for a loan first before you move down here so you know in advance what you can afford and where you would like to live. Plus, if there are any credit challanges, this will give you time to resolve them before you come down.

I am a full time Mortgage Broker and I will be happy to answer any question you may have regarding financing, plus I know several realtors in the area that can help you find the home you are looking for. If you have any more questions like this, please feel free to contact me.
Cathryn Blair-Bennett
First Capital Lending Corp.
Fort Myers, FLorida
239-277-9244 Ext. 212
239-645-3795
cblairbennett@FirstCapLend.com
0 votes Thank Flag Link Fri Jan 2, 2009
The answer to your questions depend on several factors; following is a list of some of those factors (provided you and your wife opt for conventional financing): the type of loan, the seasoning terms of the lender, the price and condition of the home you intend to purchase, the amount of your down-payment, etc. Yet, you and your wife don't have to go with conventional financing; instead, you both could purchase a home (from a willing seller) with seller financing. Of course, seller financing also comes with its own set of terms and conditions, but they usually tend to be less draconian than the ones you'll receive from most conventional lenders--especially in the market of today.
0 votes Thank Flag Link Fri Jan 2, 2009
Chris and Paula,

It does nt matter the time you have been in Florida, it all falls on job history (same type of employment). I have owned a local mortgage company in the area for years, please call me and I can answer any and all of your quesitons.

Thanks,

Scott Riddle, (CSP) Certified Short Sale Professional
Sand Castle Realty Group
239-289-1849
239-390-0027 fax
http://www.NaplesRealEstatePros.com
http://www.ScottRiddle.topseller.net
0 votes Thank Flag Link Fri Jan 2, 2009
If you continue in the same line of employment, there may not be a "seasoning" period. The likelihood of continuity of employment is crucial as is a good credit history.
0 votes Thank Flag Link Fri Jan 2, 2009
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