Home Buying in Michigan>Question Details

Cristy  Pratt, Home Buyer in Florida

moving to another state. do not have job yet in new state how do i buy a house? i have the down payment

Asked by Cristy Pratt, Florida Wed May 28, 2008

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Cristy,
Not having a job yet is not necessarily a problem, however you can't just go ahead and move down there, settle in, then find a job.
If you get a job offer in writing, and have a signed offer letter outlining your start date and rate of pay, then as long as it is in the same line of work and you qualify with that income and credit you should be OK. Usually you have to begin work and begin getting paid prior to the first payment being due
0 votes Thank Flag Link Fri May 30, 2008
Cristy, I wish you luck in your job search. I suggest you speak with some lenders before accepting a job in your new State. In general, if you have two years or more experience in the same field some lenders will approve your mortgage. Yes, you do need to be employed to apply and at time of closing.

If you are moving to Michigan, this website contains homes for sale and lease in southeastern Michigan. http://moveinmichigan.com Sample real estate forms are available on the website below.
Web Reference: http://mi-living.com
0 votes Thank Flag Link Thu May 29, 2008
Having employment is indeed a very important factor in buying a home. One source for financing you might want to consider is FHA lending. I know they have many programs available, go to http://www.hud.gov or talk to a lender who does FHA lending. Ask them about FHA Graduted Payment Mortgages or FHA Section 245(a) programs.

As long as you get a job in the same line of work you have been doing for the past two years you will be ok. If you just graduated from college or will be soon, they take that into consideration too.

Hope this information helps you.
0 votes Thank Flag Link Wed May 28, 2008
Cristy, that is great you have a downpayment. However, any lender will require you to have a job or a co-signer. We deal with this all the time at U of Michigan. Students who have down payments but no jobs have not been able to get a loan.
0 votes Thank Flag Link Wed May 28, 2008
Cristy,
This actually happened to my family:
Our down payment was crutial ( so have your 20%+ ready) then your previous job history is very important also. But do try to find a job asap.
Good Luck,
0 votes Thank Flag Link Wed May 28, 2008
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