how hard is it to get a mortgage in one state when my source of income is in another?

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planning to move to ms from florida and have more income before i move. loan now or after move?
should i get the loan in my income state or the property state?

2 Comments
  1. Reply
    slipknotmcfadden
    April 29, 2011 at 9:24 pm

    It shouldn’t matter – the underwriter for the loan just wants to make sure you have income, regardless of the state you’re earning it in. The loan market is tightening up somewhat, but to be honest, there’s still a lot of lenders who will give a loan to anyone with a pulse.

    You will probably get a better interest rate with the higher income, so go ahead and apply for the loan now. You can always decide to wait until after the move.

  2. Reply
    mortgagebanker
    April 29, 2011 at 10:16 pm

    Technically, when you move you will no longer have a job, unless you are planning to telecommute. What i suggest is that you start looking for a new job, get a letter of contract from your new employer, and present this to your new lending institution. In a situation like this, i would recommend you work with a local institution to where you are moving. They may know the company you are going to work for and may be able to make an exception. Your other option would be to purchase the property under a no-income loan, but these types of loans can be risky, and very expensive…

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