job and mortgage

bobcrf450 · Joined: 11 Jun 2008 Posts: 1 1.33 Dollars($)

Is it true you need to have a job in Texas to get a mortgage in Texas

jameshogg

Hi Bob,

Welcome to forums.

Whether it's Texas or any other state, having a job is a primary requirement if you wish to qualify. I mean either you have a job or you should be self-employed. Having a regular income source is primary factor in qualifying for a mortgage. Besides, you need to have some cash reserves too. By the way, how are you going to pay off the loan if you don't have a job right now? Are you looking for a new one?

Thanks

larry · Joined: 27 Jun 2007 Posts: 3328 474.61 Dollars($)

Hi Bob,

I agree with James that you will have to show the source of income to get approve for a mortgage. You need to have a job or you should be self employed. you need to show the lender that you can pay off the loan. If you cannot show the source of your income then how can the lender get satisfied that you can pay off the loan?

Feel free to ask if you have any further questions.

Best of luck,
Larry

chloejoanna · Joined: 20 May 2008 Posts: 37 16.09 Dollars($)

You will need evidence of a solid income to qualify for a mortgage, however I do not believe this income needs to be sourced in the same state as the mortgage (if this is what you are asking) so long as it is reliable. Hope this helps.

Chloe

charlesarmbruster · Posted: Thu Jun 12, 2008 11:08 am Post subject:

I'm not clear as to your intention -- if you want to purchase an investment property in TX and reside in another state, you should be fine.

As to having a job, it is not necessary -- consider fixed income individuals and those with trust funds, as well as the possibility of purchasing the home with a hard money bridge loan prior to -- say -- a wedding, when a conventional loan might be written.

There are plenty of ways to buy a home, and I don't believe that TX State Law prohibits folks with lots of money from buying homes, whether they have jobs or not.

gmakerley · Posted: Fri Jun 13, 2008 10:19 am Post subject:

it's pretty apparent to me that your post concerns having a job located in texas in order to purchase a property located in texas.

i agree with chuck's first paragraph stating that you ought to be in good shape if you are employed elsewhere while buying in texas. to be 100% certain, have this discussion with a lender located in texas.

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