Looking to relocate to the Phoenix area from NY. is it true I have to show employment for 30 days before I can be qualified for a mortgage?

Asked by Rich, Queens, NY Fri Jan 24, 2014

In NY I use Bank of America, and when asked they told me I couldn't get a loan until I can show 30 days of employment in phoenix. my Wife and I have near perfect credit, so I know that's not an issue. But it makes for a difficult move if I have to rent someplace then move again into a new home. any advice?

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22
James Wehner, Agent, Scottsdale, AZ
Mon Apr 14, 2014
Is your new job in the same line of work? There may be some exceptions. I do have some creative options for you.

I just helped a family from upstate NY relocate to AZ and had similar circumstances and they were thrilled. No one wants to be without a house, living in a hotel or some long term rental.

I have a few questions to ask you about your plans to see if this would be a good fit for you. Let me know when you're free to chat. Email or call me when you have a minute.

Regards,

James Wehner
West USA Realty
480-323-5462
Web Reference:  http://www.jameswehner.com
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Sun Apr 13, 2014
Hi Rich

Thanks for the question.

It depends if you have a job offer, and how much is your down payment and your FICO.

Good luck
Perry
Web Reference:  http://ruthandperry.com
0 votes
Chris Mincol…, Agent, Peoria, AZ
Sun Apr 13, 2014
Hi Rich,
My wife and I are NY transplants too. You will discover that you can get a lot more home for the money here. We've lived out here for many years now and love it. Everyone has different circumstances and go after different loans. Its always best to speak with a loan officer first so all the details can get worked out for your best interest. We can put you in touch with a fantastic lender.

Chris & Cynthia Mincolla
West USA Realty
602-377-8265
ChrisMincolla@gmail.com
http://www.MincollaGroup.com
0 votes
Jim Mitchell, Agent, Tempe, AZ
Sat Apr 12, 2014
Hello Rich. Just thought I'd follow-up with you and see if you made it here to Arizona or if you're still looking to move.

If you need help finding an excellent local lender or just want to discuss the real estate market, give me a call.

Thanks!

Jim Mitchell
Realty ONE Group
PH: 480.231.6769
Jim@TheAZRealtor.com
0 votes
Rebecca Kall…, Agent, Gilbert, AZ
Tue Jan 28, 2014
How are you doing, Rich?
I would be more than happy to answer any questions you have and address any concerns. I have worked with many out of state/country buyers and would be more than happy to assist you, and possibly have you in a home by the time you get out here...

Give me a call today!
4802759566

rebeccakallhoff@gmail.com
http://www.rebeccasellsaz.com

I look forward to hearing from you soon!
0 votes
Raoul Lousta…, Agent, glendale, AZ
Mon Jan 27, 2014
Hello Rich

what i would do its talk to a mortgage professional the questions you need to be able to purchase.

you can call

Ray Stralh from amerifirst financial

Ray Strahl, CMC
Glendale, Az 85302
623-341-7614
raystrahl1@hotmail.com
Strahl Mortgage Professional
Strahl Financial Services, LLC.
0 votes
Jeanne Solet…, Home Buyer, Phoenix, AZ
Sat Jan 25, 2014
Have never heard of that but you should talk to a mortgage banker here first, or credit union, but not a bank. In order for your income to be considered when getting a loan you need to show six months of employment history. If you have not been working that is a problem. If selling in NY and buying here you should have good cash.

Reality: Even if buying takes 30 to 45 days to close and that is after you have selected a home, which a newcomer should allow at least three months, so coming up on six months and by then you should have a job anyway. You must have considered what you are going to do on arrival unless you are thinking of buying and then relocating???

If you are not familiar with the city it is wise to learn the city before buying. so you should consider renting initially anyway. Do you have a job lined up here? You do have to live somewhere. Have you thought about first couple months here? Staying with someone?
0 votes
, ,
Sat Jan 25, 2014
I have a program that can overcome this for you and 10% down is plenty. I'm available to discuss further in detail anytime.
602.332.0420
Web Reference:  http://www.loansbyleo.com
0 votes
Raoul Lousta…, Agent, glendale, AZ
Sat Jan 25, 2014
Hello Rich

I think you should talk also to a mortgage professional you can use one that answer in this post or if you like i can send you a list of lenders i would use if i was looking for a loan and question.
i think that you need at least a paycheck from your new job , a letter that you have been hired , and depending the loan type you might have to stay on the same line of work but i would verify all of this with a lender . i would ask your questions to at least 2 mortgage professionals then make a decision.
if i can help you in any way please email me.

thanks have a great weekend
0 votes
Eileen Shapi…, Agent, Mesa, AZ
Fri Jan 24, 2014
Hi Rich,

Congrats on your decision to move to the Valley of the Sun, where it will be 77 degrees again today!
I made the move from Buffal/Chicago severn years ago and love it!

Every lender has different standards depending on whether you are staying in the same field of work, etc., and what type of work you do. I know of lenders who require one pay stub to close on the property. So, you could write a contract, but not close until the day after that first paycheck. It is best that you talk with a local lender...I am happy to recommend a couple to you. I can help you make this a non-insurmountable problem!!! Please email/call me, so we can talk! And I can send you some active listings!

Eileen Shapiro
Associate Broker
Sonoran Premier Properties
480.370.6520
Eileen@SonoranPremier.com
PhoenixAZRealty.info
0 votes
, ,
Fri Jan 24, 2014
From a lending point of view - it depends. 30 days of pay stubs would be very conserative. Same line of work, non-variable income on the new job, no job pag, woth liquid assets for reserves then a letter from the new employer and 1 pay stub from the new job would close the loan.

Oh BTW if this is a corporate move no pay stubs needed.

There are other varibles as the income is only one piece of a four sided picture.

Dave Jackson
Loan Officer/Real Estate Asset Planner
Financing Solutions for Arizona Real Estate since 1993
American Financial Lending, Inc.
20860 N. Tatum Blvd, Suite 160
Phoenix, AZ 85050-4277
602 277-3800 w
602 631-9788 f
602 524-2401 c
602 912-9438 h
davej@aflhomeloans.com http://www.aflhomeloans.com
BK # 0910057 NMLS LO ID # 284875
0 votes
I am discovering my spelling isn't that great.
From a lending point of view - it depends. 30 days of pay stubs would be very conservative. Same line of work, non-variable income on the new job, no job gap, with liquid assets for reserves then a letter from the new employer and 1 pay stub from the new job would close the loan. Oh BTW if this is a corporate move no pay stubs needed. There are other variables as the income is only one piece of a four sided picture.

Dave Jackson Loan
Officer/Real Estate Asset Planner Financing Solutions for Arizona Real Estate since 1993
American Financial Lending, Inc. 20860 N. Tatum Blvd, Suite 160 Phoenix, AZ 85050-4277
602 277-3800 w 602 631-9788 f 602 524-2401 c 602 912-9438 h
davej@aflhomeloans.com http://www.aflhomeloans.com
BK # 0910057 NMLS LO ID # 284875
Flag Fri Jan 24, 2014
John Evans, Agent, Tempe, AZ
Fri Jan 24, 2014
Rich, I work with a handful of private lenders that could help you out during the transition process while you secure your new job. If you and your wife are interested or have any other questions, please give me a call at 602-376-7248 or email me at jcevans@kw.com.

Thank you,

John Evans, REALTOR
Keller Williams Realty Phoenix
0 votes
Doug McVinua, Agent, Gilbert, AZ
Fri Jan 24, 2014
Rich

It is a problem but one that has been overcome in many situations. We work with Banker/Brokers that have more options than a Bank of America does. Your situation might be like putting a round plug in a square hole but when the hole is large enough the plug fits.

If you want to work together we can overcome this and you will be homeowners.
0 votes
, ,
Fri Jan 24, 2014
Hi Rich,

The only way around this requirement is if you are transferring with your current employer or you have a irrevocable "offer" from an employer in AZ and even in the case of the 2nd option, most lenders will still want to see 30 days worth of pay stubs before they'll close the loan.

Unfortunately, due to new "rules" that went in to effect, lenders are required to verify borrowers have the ability to repay the mortgage. Lenders can't do that if you don't have a job.

Check out my recommendations here on Trulia from some of my past clients by clicking the following link. http://www.trulia.com/profile/johnburke/#__rec

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage
Banker Peoples Bank & Trust
(877)228-9069
0 votes
Harnek Dadia…, Agent, Glendale, AZ
Fri Jan 24, 2014
Rich,
I work with lot of good Loan Officers and some even do loans for Canadians. Please give me a call and I can setup you up with few of them and then you shop around and decide.
For help in finding a home I would love to be your realtor.

Regards,
Harnek Singh Dadiala
623 229 6691
harnek@aztg.com
http://www.agentsingh.com
Web Reference:  http://www.agentsingh.com
0 votes
Rich, Home Buyer, Queens, NY
Fri Jan 24, 2014
To give further information, we will unfortunately not be able to transfer our jobs. We both plan on securing a position in Phoenix prior to relocating. once the job is in place, the plan is to find a home and relocate within 30 days.
10% would be the most we're looking to put down. the home value at this point is irrelevant , I'm merely looking for an answer as to whether it's true or not that I have to be working in phoenix for 30 days before I can pre qualify for a mortgage
0 votes
Hi Rich: Sorry you are having to go through 20 answers to get the one you want. Not sure how a realtor can tell you "as this is not a problem" when, in fact, it is. Or, for that matter, why you want to know about lending to Canadians...Anyway, as others have said, assuming you are not self-employed (which it does not sound like you are) nor in commissioned positions, the best I have seen is you can get pre-qualified and enter into a Sales Contract, then wait until you have your first pay-stub. Give yourself a couple extra days after that, for any hitches at the last minute, in setting the Close of Escrow date in your contract, and you should be good to go.

Good luck. I'm from upstate NY; have been out here for quite a while, and would never move back...It gets hot, no question, but better than the 90 degrees and 95% humidity back home. Enjoy.

Bill Parker, CPA*

Sr. Loan Officer
NMLS #223607
*Licensed, no longer practicing
Flag Sat Jan 25, 2014
If that's the case and you need a temporary place to stay, I have a 1500 sq foot apartment reserved for my relocation clients...located in a great area of Phoenix. This makes relocating so much easier. Contact me for details.
Flag Fri Jan 24, 2014
The lenders would like to see 30 days worth of paystubs.
Flag Fri Jan 24, 2014
Charles Sant…, Agent, Scottsdale, AZ
Fri Jan 24, 2014
Hi Rich! I have some lenders who can help you as this is not a problem. Contact me and I can give you their information. As a fellow New Yorker, you'll be happy to make the move to the Phoenix area...especially this time of year. All the best, Charles, HomeSmart, chazphx@aol.com, 602-620-5700
0 votes
Justin Schle…, Agent, Glendale, AZ
Fri Jan 24, 2014
Hello Rich...

As mentioned previously, I would suggest speaking with a local loan officer here in the Phoenix area first to determine whether you need to actually wait or not. I would be glad to refer you to whom we work with personally and refer to on a daily basis.

If you did need to wait short-term before buying, some choose to stay temporarily in an Extended Stay type of suite or hotel. They're pretty affordable and at least you could get a better feel for the area in the meantime as well. Items are often then kept in storage.

Please feel free to give me a call in order to discuss your individual scenario. This is what I do full-time and it's a very serious business to me. My cell is 623-203-2264 and website: http://www.MetroPhoenixAgent.com so you could learn more about me in advance as well as search the MLS.

Thank you.

Justin Schlegel
RE/MAX Preferred Choice
623-203-2264
0 votes
The Suits Te…, Agent, Phoenix, AZ
Fri Jan 24, 2014
The best way to get the answer to this is contact a mortgage team at VIP Mortgages ryanm@vipmtginc.com. Ryan Madrid!
0 votes
, ,
Fri Jan 24, 2014
How much do you plan to put down? I have a workaround for your current scenario....

602.332.0420
Web Reference:  http://www.loansbyleo.com
0 votes
, ,
Fri Jan 24, 2014
Rich,
Moving from Queens to Phoenix- I am a New Yorker too, moved here 20 years ago and still love it. I would need a little more information to answer your question. If you are transferring with the same company and can provide a letter stating the terms of your new position would , you would not need 30 days. Please feel free to call me and I would be happy to figure out exactly what documentation would be needed to ensure a smooth transition. I work day, evenings and weekend. Thanks. Nina 480.635.2410 nhpenny@msn.com
0 votes
Jennie Miller…, Agent, Phoenix, AZ
Fri Jan 24, 2014
Have you spoken directly with a lender about this?
0 votes
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