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Can you get a mortgage if you relocate without a job

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cjhine1 Joined: 16 Apr 2010 Posts: 2 1.70 Dollars($)	Posted: Fri Apr 16, 2010 3:38 pm    Post subject: Can you get a mortgage if you relocate without a job Like 0 Dislike 0 My 29 year old daughter has worked in sales for a large company for 3 years. Last year her job classification in Dallas was eliminated in the company but she was able to secure a transfer to another position (same company) in North Carolina. She's done well in the job (earns close to 100k), has no debt except a car payment of approx. 15,000 and has about $15,000 in the bank. She's homesick and wants to move back. She applied for a Dallas opening , and would like to buy a house so that she can qualify for the tax credit. She started application for loan prequalification, and it looked like things were going well (her credit score showed as 690) but then she found out she didn't get the job. She would like to go ahead and move, even if it means quitting her job. Is there any way she could still qualify for a home loan? The loan company wants a letter showing she's actually being transfered. It would be very easy for her to secure another sales job once she moves, and I would give her the money for her 20% down payment so she could keep her savings but it might take her a few weeks to move and secure a new job and the tax credit program runs out in 2 weeks.... Although I have assets, I also have a mortgage so I would be able to co-sign on the loan.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Sat Apr 17, 2010 11:03 am    Post subject: Like 0 Dislike 0 cj, there's no way a lender would assent to granting a loan under those circumstances. your daughter would have to have a job in hand prior to closing in order to obtain the mortgage. that's just good business, and if a lender says it can be done in another way, it's bound to be a lie. if a lender is unable to document that a person has the ability to repay a new mortgage (by means of employment verification), then that lender cannot grant the mortgage being sought. it may sound like a tough way to handle things, but in these economic times (especially), there can be no other way. and this has long been the standard anyway, for the mortgage industry. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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