I am approved for an FHA home loan in Ky. where I currently reside. Can I buy in Salem, Oregon? I will be moving there soon. Any advice??

Asked by bonnbob03, Salem, OR Sat Jul 7, 2012

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Corri Klebaum, Mortgage Broker Or Lender, Clackamas, OR
Sat Jul 7, 2012
If you are simply relocating with the same employer then you should be just fine. Otherwise if you are approved now as long as your income doesn't decrease you will qualify once you have 30 days worth of income from your new employer.

Do you have another house in KY to sell or rent?

What loan amount are you seeking? The loan limits are different by county check here: https://entp.hud.gov/idapp/html/hicostlook.cfm

Will you be spending any of the funds you would have used for your down payment in order to move? That would require you save back up or document a gift.

Just a few questions that I would ask.. .best to consult with a mortgage professional to complete an application with your new intentions in mind.
1 vote
Kathy, Home Buyer, Salem, OR
Sun Sep 30, 2012
My house will be on the market this spring, what are your wants and desires? We have a community pool and HOA dues are $30 a month. If you are interested in a pool and very quiet neighborhood, I am in it. Kathy
0 votes
Priscilla Be…, Agent, Salem, OR
Sun Jul 8, 2012
Your FHA loan approval, if it is current, should transfer just fine to Salem. If it is older than 30 days, they'll need updated information. Employment would be a big issue, so, hopefully, you are getting a transfer or can find employment in the same line of work. Loan limits vary from county to county and state to state, so that will be a factor, as well. I am an experienced Principal Real Estate Broker in Salem and specialize in helping people attain their real estate goals and dreams, looking out for my clients from beginning to end. Check out my website: http://www.FantasticOregonRealEstate.com. Call or email me anytime, and I can help you get where you want to be. I look forward to meeting you!
0 votes
Susan Agli, Agent, Bend, OR
Sat Jul 7, 2012
I would be happy to refer you to a real estate broker in the Salem area, unfortunately I am in Bend about 3 hours and a drive over a mountain pass or two. Since it is a federal loan it only makes sense that you could be approved in Oregon. I always suggest my clients work with a local mortgage broker who knows the state laws. A real estate broker in Salem should have several mortgage brokers they can refer you to. Once you get settled in Salem drive on over to Bend, you'll love it. Salem and other cities on the west side of the Cascades mountains often spend time and/or own a vacation home in Central Oregon to escape the rain. You can look at my website http://www.susanagli.com for some photographs of Bend and surrounding areas. If you would like me to refer you to an agent in Salem just let me know.

Susan Agli, Broker
Coldwell Banker Morris Real Estate
Bend Oregon 97701
Licensed in the state of Oregon
0 votes
Melina Tomson, Agent, Salem, OR
Sat Jul 7, 2012
Well it depends on your job. In theory you will still qualify but if you are going from an employed position to a self-employed one, then they will want two years of self-employed income. If you are changing fields they sometimes want a one year work history as well. In theory you should qualify but it depends on your work situation.
0 votes
Lana Lavenba…, Agent, Grants Pass, OR
Sat Jul 7, 2012
Well as long as you qualify for a loan and if you are moving to do the same type of work - I see no reason why you wouldnt be able to buy out here.
0 votes
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