Relocating and need a mortgage in Colorado?

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My husband and I are going to be relocating from Milwaukee to Denver in the next 6 months. We are both currently employed in Milwaukee and own a home that we have a spotless payment history on. I will be accepting a government position, and a 10% pay increase in Denver. My husband has not yet found a job in Denver, and we are willing to move before he has secured employment. We will also be selling our home in Milwaukee before completing the move.

We would like to buy a home as soon as possible upon my starting of the new position in Colorado. We have no money down, (unless we sell our home first and then we might have 5% down), but are ellgible for a VA loan.

1) Is it even possible for us to get a new mortgage if we are relocating and only one of us has secured employment, or do we HAVE to BOTH have jobs for a period first and establish residency before we can be considered?
2) What process (and when) should we go through to make this happen if it is possible?

Thanks for your help!

  1. Reply
    February 21, 2011 at 11:26 am

    1 job is fine, but you will only qualify based on that income, not dream income, you can not credit him with any.

  2. Reply
    February 21, 2011 at 11:29 am

    You will only be qualified with the proposed income from your new job which can be documented with either an offer letter or 30 days worth of pay stubs once you start. The other issue will be the status of your current home. There are 2 ways to do this.
    1) You qualify with your current mortgage marked as pending sale in which case you will not be able to close on your new mortgage until your other one sells.
    2) You qualify for your new mortgage plus the current which I generally don’t recommend.

    Number 1 is the most common for people in your situation. In this case you make an offer on a new home with a contingency that your other home must sell before you can close on the new one.

    As far as establishing residency, that does not matter.

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