I want to buy a home in Oregon with a min down payment. Is it poss to buy before I move and have a job there?

Asked by Molly Gammell, Dexter, OR Thu Feb 9, 2012

Wondering if lenders will finance based on my current income.

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6
Corri Klebaum, Mortgage Broker Or Lender, Clackamas, OR
Tue Feb 14, 2012
Our current FHA guidelines will allow that projected income may be used as a compensating factor if you have a non-revocable contract or offer letter and the employment will start within 60 days of closing.

So if you have any other source of income but your debt load is tight you could use the projected income. Other income could be a spouse who has employment and temporary housing in place prior to you and your kids moving up or other income that can support your ratios such as consistent child support and/or alimony payments, annuities, trust, or any other source of stable income that has a two year history and will continue for at least three more.

A mortgage as second home could be an option if you had a little more to put down and are okay with committing mortgage fraud.
0 votes
Melina Tomson, Agent, Salem, OR
Thu Feb 9, 2012
Katie is right that if you want to do that you would do so as a second home but keep in mind that you have to qualify for two mortgage payments in order to do that AND program like FHA or VA aren't available to you then.
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Molly Gammell, Home Buyer, Dexter, OR
Thu Feb 9, 2012
I am an RN with a strong work history. I just dont want to uproot my family and then move twice in a year (in a rental before I buy.) Ive done research and there is work for me and the pay is comperable. I also want to work registry when I first move to check out local hospitals before I accept a perm job. Not sure if lenders would like that either! Thank you Katie. I may go the route you did. We will be going up there this summer to look at properties.
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VM, , 80003
Thu Feb 9, 2012
If you are employed somewhere else and it is a stable job you, CAN purchase but as a second home or vacation home, it is a higher interest rate for the loan but it is possible, the best option is to obviously move to the location you want and line up a job. If it is in the same line of work as your previous job it is easier to get financing earlier rather than having to wait the couple months it takes to get the pay stubs you need. I have first hand experience doing this because my husband and I did it, we tried to find a home while still living in another state, got pre-approval for a second home/vacation home, put an offer in, moved to Medford, OR and then it worked out that my husband got the same kind of job as he had before and we were able to get a lower interest rate by financing it as owner occupied. If you have any more questions please feel free to contact me at katieshoemaker@kw.com.
0 votes
Dave Sutton, Agent, Portland, OR
Thu Feb 9, 2012
You need to be working with a good Oregon mortgage broker who can tell you all the options. If you email me I can give you two good ones.
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Sally Grenier, Agent, Boulder, CO
Thu Feb 9, 2012
Let me get this right -- you don't have a job lined up in Oregon? If not, then the answer is NO. A lender needs proof of employment. Some lenders require as little as a month of paystubs. Some only need one paystub. But you need a job.
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