First Time Homebuyer Relocating

Guest 0.10 Dollars($)

I will be moving soon with my wife to Illinois for law school. I have good credit, and enough for a 10% down payment on a small condo. My wife is still looking for a job in Illinois, but does not have employment yet. I'm confident that we won't have problems making payments due to scholarship and student loans as well as my wife's income. My question is regarding being able to secure a loan before my wife finds employment. Will I be able to get a loan based on my current employment or will we have to wait until my wife has secured employment?

Guest 0.10 Dollars($)

It's good to know that you have good credit and you can put down 10%. It's not a problem if your wife doesn't have employment now. You can get a loan in your name and start off right now if you're confident that you'll be able to manage student loans as well as the mortgage.

Best wishes for a career in law Smile

gmakerley · Posted: Thu Apr 24, 2008 6:11 am Post subject:

will your employment continue after your relocation? you'll still have the same job and income once you begin school? these are critical questions. if "no" then you will need to wait.

even if your answers are "yes" i submit that it would be wise to wait anyway, until your wife has secured employment in the new location.

chrisburns · Posted: Thu Apr 24, 2008 10:15 am Post subject:

If you want to get a conforming loan the lender will have to take the payments on those student loans into account for debt ratio purposes.

The only income they can use to qualify is the current income showing on recent paystubs for you. If you make enough money to support the loan payments, credit cards, car payments, and other debt showing on your credit in addition to the condo payments than you are good to go.

If you need your wife's income to qualify then you'll have to wait until she is employed and has received a couple of paychecks. Lenders don't like gaps in employement history longer than a couple of months and they like to see employment in the same line of work.

I hope this helps.

Guest 0.10 Dollars($)

My husband and I have very good credit . we live in IL and would like to relocate to another state. He wants to open his own business in the same field he's working currently for an employer. I would carry on with my office work. If we sold our house in IL and moved to another state, would we get a mortgage? How does this relocation and mtg work? Would the mtg company like to see us earning in the other state for some time before they give us a loan. Any advice will be helpful.

Guest 0.10 Dollars($)

Just to add that I'm not interested in renting.

larry · Joined: 27 Jun 2007 Posts: 2942 409.79 Dollars($)

Hi Kate,

Welcome to the forum.

You can get approved for a mortgage even after relocating to another state. But you may have to pay a large down payment. Are you willing to take the mortgage on your name only or both of your and your husband's name? If you want to take the mortgage on your name only then can you alone afford the mortgage alone?

Best of luck,
Larry

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