mortgages and relocating

[JLiz]

How do people buy a house when moving to a new city?

My family wants to move to another city, in the same state, about six hours away. Today our mortgage apllication was denied because we don't have 30 days of paystubs at our new jobs. We were hoping to move in to our new home before we have to start working. This makes sense from the bank's perspective; I understand they want to ensure the loan will be repaid.

So, how do people buy a house when they relocate to a new city? We'll just rent for a little while then buy, but it seems unnecesarily clunky. Is there another option of which I'm unaware?

 

[Minniesgal]

when we moved we sold and bought brfore we left our old jobs.

 

[jodifla]

My husband started his job six months before I moved. I stated behind to wrap up my job of 20 years and to make sure he liked the new location. So when we actually went to buy a house, he had enough paystubs.

 

[leebee]

We have never had a problem, but maybe it's because we've relocated to follow faculty positions for my DH. Usually the university/college sent statements to the lenders and copies of multi-year contracts, and it was never a problem. Also, IIRC, we purchased the new homes while at least one of us was still employed in our former positions, technically showing continuing employment even though we knew we were about to move. We have always had extremely good credit, so I am sure that's part of it.

My guess is that your only option is to rent for 6 months to a year, then buy a house. Good luck, cuz moving is SUCH a royal pain, you know where!

 

[mtemm]

Dh always started working prior to house hunting. We've moved between states several times and he would usually go out ahead of time and company usually had temporary housing available for him/us for a set period of time. Most of our moves have been job relocations so dh had been working ongoing.

I'm a little confused by your post. Do you have jobs lined up and just wanted to get moved in before start date? Or are you trying to get a mortgage prior to actually having a job? If it's the former, look and see if there is any temporary housing options available thru your company. Yes, you will have to start working before buying but you can be house hunting and making plans during that 30 day wait and temp housing would be furnished so you wouldn't be so clunky

 

[morgan98]

Do you currently own a home or not? If you own a home and have a mortgage that may be part of the issue as well.

 

[JLiz]

We both already have new jobs, we're trying to buy a house before we have to start working up there.

 

[JLiz]

No, we currently rent. I'm a little surprised by our credit union. We've been banking there for 10 years, both have been in our current jobs for over a decade each, and have been renting our current home for five years. Clearly we are stable professionals. I'm surprised they aren't working with us more, but I also understand there were a bunch of bad mortgages written a few yearts ago and banks are gun-shy about it.

 

[Soldier's*Sweeties]

We moved, rented and then bough but we also moved cross country.

 

[morgan98]

Another option may be to try to work with a few different lenders. Your credit union may have limited mortgage "products" they can offer you so may not be quite as flexible as another bank. Maybe you should consider speaking with a mortgage broker who will look at the offerings of several different lenders.

 

[The Mystery Machine]

How do people buy a house when moving to a new city?

My family wants to move to another city, in the same state, about six hours away. Today our mortgage apllication was denied because we don't have 30 days of paystubs at our new jobs. We were hoping to move in to our new home before we have to start working. This makes sense from the bank's perspective; I understand they want to ensure the loan will be repaid.

So, how do people buy a house when they relocate to a new city? We'll just rent for a little while then buy, but it seems unnecesarily clunky. Is there another option of which I'm unaware?

You needed to get the house before you changed jobs, so that was a little bit of an oops on your part.

A mortgage broker may be able to find a loan. However the interest rate will be much higher than your credit union. You could counteract that with a large downpayment for the house if you have it.

I would rent if I were you and soon. Rent continues to climb higher and higher. I know, we are looking to rent a house.

 

[BSmithington]

Cash. Cash is king.

 

[jerseygal]

When we relocated we had positions, but we rented for a year to "scope out the area" and research and learn the "ins and outs" about the area before purchasing! Try to get a rental instead of investing in a home quickly. Planning to do the same thing when we relocate when we eventually retire; will never rush to purchase GOOD LUCK!

 

[yoopermom]

You have to look at it from the bank's perspective as well, they want to make sure that they are going to get their $$ from you, and with both of you having brand new jobs, that makes it seem much shakier. As an example, my DB and DSIL just moved for her job, bought a house (even though we all encouraged them to rent), and she left the job after a month. Now she has to job hunt either in the area where the new house is, or elsewhere and have to sell it and take a loss. Of course everyone thinks "it will never happen to me", but banks know it can happen to anyone.

Terri

 

[The Mystery Machine]

When we relocated we had positions, but we rented for a year to "scope out the area" and research and learn the "ins and outs" about the area before purchasing! Try to get a rental instead of investing in a home quickly. Planning to do the same thing when we relocate when we eventually retire; will never rush to purchase GOOD LUCK!

We are putting this house on the market ASAP and then renting. We are not even relocating, at the moment. The thought of selling this house and jumping into buying another one is overwhelming at this point.

We have our last kid leaving the nest for college and DH may be facing a possible layoff which will result in a lower salary more than likely. We would rather rent while things are a bit on the shaky side not too mention the fact where are we going to live.

This will be our "last house" we buy and we are pretty picky now. We are downsizing for retirement.

 

[mtemm]

You might talk to a different mortgage broker. Do you have employment contracts? Might help?

 

[bsblady01]

I would talk to a different bank

 

[JLiz]

You needed to get the house before you changed jobs, so that was a little bit of an oops on your part.[/QUOTE]

We haven't changed jobs yet. We are trying to get a mortgage while still employed with our current employers, in our current city, with our current credit union. However, when we say we're looking for a primary residence six hours away it makes it pretty obvious to whomever is reviewing the loan application that we are moving. They called and asked and I was honest.

 

[The Mystery Machine]

We haven't changed jobs yet. We are trying to get a mortgage while still employed with our current employers, in our current city, with our current credit union. However, when we say we're looking for a primary residence six hours away it makes it pretty obvious to whomever is reviewing the loan application that we are moving. They called and asked and I was honest.

Oh, then perhaps go the mortgage broker route and see if they can do anything for you.

 

[JLiz]

You might talk to a different mortgage broker. Do you have employment contracts? Might help?

We do have employment contracts and I asked if we could be approved based on those (we salaries included) but they said they had to be paystubs. Grrrr.