Is Pre-approval necessary in the northern Allegheny County and lower Butler County housing markets?

Asked by Pittsburghguy, Lewisburg, PA Sat May 19, 2012

We are planning to move in approximately 4 months and neither my wife or I have new jobs yet. We want to start looking now as she is due with our second child in 2 months and we would prefer not to have to hunt for houses with a newborn. Would we be able to even get pre-approved without either of us having a job in the area?

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7
Liz Hartman, Agent, Cranberry Township, PA
Wed Nov 13, 2013
It is very helpful to have you're pre-approval, but not necessary. There are agents and sellers that require a pre-approval prior to showing homes. To be quite honest, when it comes to making an offer on a home, Sellers and Agents will take your offer seriously if they know you're in a position to buy their home. The market is hot, and you don't want to lose your opportunity! I recommend getting your pre-approval prior to looking for your home. You will know what your borrowing power is, and what your comfort level is. Howard Hanna has a financial department that will do this at no cost, and with no commitments to use their financing. Although, our clients usually follow through with Howard Hanna for their financial needs. Please call me. I look forward the hearing from you lizhartman@howardhanna.com 724-822-2259 Text or Call.
0 votes
Catalina Jar…, Agent, Cranberry Township, PA
Tue Oct 30, 2012
You mentioned that you were having your second child. Hope everything is doing ok for you and your family. Did you move to the Greatest Pittsburgh area?

Best wishes,
Catalina@Northwood.com
412-641-9514
0 votes
Kimberly Cat…, Home Buyer, Saxonburg, PA
Mon Jun 4, 2012
verizonwireless is hiring in cranberry pa
0 votes
Michael Denh…, Agent, Wexford, PA
Sun May 20, 2012
Good morning Pittsburghguy ...from Lewisburg. Pre-approval is very important and one of the 1st steps which should be taken in the homebuying process. There are many reason why a buyer should get pre-approved...but one of the biggest is that it can make or break the negotiation. Without providing evidence of you abilty to buy sellers will not be willing to negotiate with you. I began my real estate career in the financing end of the business about 13 years ago, so I have seen many unique cicumstances. There was a time when a great credit score was all you needed to borrow money. That's right...no evidence of income, no confirmation of a job and no proof of down money. Those days are long gone, however there are still potential options for unique circumstances such as yours. I have a few questions for you in order to fully understand your position so that I may point you in the right direction. There is no reason to waste your time and effort on looking at homes you may not be able to buy right now. Give me a call to discuss and I will do my best to help you and your family accomplish your goals.

Mike Denham
Keller Williams Realty
724-933-8500 x 8590
412-980-2758 (Cell)
0 votes
Alan Openshaw, Mortgage Broker Or Lender, Southampton, PA
Sun May 20, 2012
Hello Pittsburgh guy,

stability of employment is a major factor in a mortgage pre-approval and you do need to speak with a mortgage lender now. Depending on your previous job history a lender may allow your income to be counted with just one month of paystubs at your new job, or with six months of employment or even require two years of employment. You are not going to get pre-approved without a job, but knowing how long you may have to wait may affect future decisions so speak with a lender and find out your options now.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
NMLS ID 143960
0 votes
Gina Loebell…, Agent, Butler, PA
Sun May 20, 2012
While it is understandable that you are anxious to get settled in a new home before your next child is born, several things will have to take place before you are ready to do that. You say "new jobs" If you are currently employed and can show a strong employment history, you may be able to get pre-approved for a loan now. However, most lenders will want to see a minimum of 6 months continuous employment and/or a strong credit history. Pre-approvals are usually only valid for two months, so obtaining one now would be instructive as to how much of a loan you would qualify to take, but you would have to have a new pre-approval when you begin the housing search in earnest.

Pre-approval is not necessary to look at houses, if you have a good idea of how much you will be able to borrow, but most agents justifiably are not willing to do a lot of searching with you unless you can prove to them and to the prospective sellers that you are able to buy the houses you are looking at. With all the resources available online to look at multiple pictures and virtual tours, much of your hunting can take place on the internet.

If neither of you has a new job yet, that would seem to be a crucial factor in even deciding where you will settle. Commuting distances, available child care, access to main highways, and services are all things to be taken into consideration. In an area like Cranberry, even a difference of a few miles can make a large impact in commuting times. Right now, the market is extremely active and buyers are finding that it is less of a buyers' market than it once was. Will you have to sell a house to buy a new one? If so, that will greatly impact your decision at this end.

I probably over-answered your question, but I hope that this has helped. This is a great area. Good luck with your plans.
0 votes
Alan Grizzle, Agent, Dahlonega, GA
Sat May 19, 2012
I don;t think you can get approved if you can't show you have the income to pay the loan off.
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