New job in new state – Will Bank Mortgage?

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If you want to buy a home in a new state which means getting a new job there for much less income, are banks interested in loaning for a first time homeowner mortgage or will they want a high interest rate?

Details – $ 5000 savings can go toward downpayment. No debt. Great credit rating. The move will mean going from $ 30K to about $ 18K per year income due to small job market in rural area. House is $ 55,000.
Why I am asking – 8 years ago when we moved to this state, we assumed that you have to work at your current employment for 2 years before you would be considered for a loan. We ended up taking an unconvential approach for the first 4 years we were here. Four years ago we were ready to go for a mortgage and were surprised at how easy it was. This made me wonder if we might have been able to get a mortgage immediately. In our case it was good to have waited because the interest rates hit rock bottom right when we were ready. We will saved thousands by waiting. Nonetheless, I am still curious as to if we could have gotten one.

1 Comment
  1. Reply
    February 24, 2011 at 5:01 pm

    If you have no debt, good credit rating, you make 18k a year and the house cost 55k. I’m 99.9% sure you will get a mortgage.

    You may want to do 3% down mortgage, so try to get an FHA loan. You will have to pay PMI but it will only be about an extra 30 bucks a month.

    You can call your bank to get pre-approved right now! Its free!

    Good Luck!

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