How do I get financed for an out of state move?

mwollman225 · Joined: 12 Dec 2007 Posts: 1 1.44 Dollars($)

okay...my wife and I are moving to Texas in late July and we found the perfect house that we want to build. My question has to do with the fact that we have great jobs in California, but we do not have positions in Texas. We wanted to start the build in April to move in when we get there, but is it possible to get financed while we are here? I am not worried about having the money to pay the mortgage when we get there because I have alot of interest from the local university wanting me to teach classes, and my wife can easily get a job with the local TV station (with her amount of entertainment experience). Please let me know if we have any chance in working this out.

Thanks

Guest 0.10 Dollars($)

I think it's pretty possible. If the home is in Texas, you should look out for lender there because you'll be shifting there after all. If your financial situation and credit profile are good enough, you'd just have to fly there and get your loan approved.

Alternatively, you can look out for lenders in California who are into financing properties in Texas. But since you'll be staying there in just a few months, it will be easier to make payments on the mortgage if the lender too has an office over there.

Guest 0.10 Dollars($)

Mwollman, have you tried out with construction loans?

michelle · Posted: Thu Dec 13, 2007 4:52 am Post subject:

Hello mwollman225

Welcome to the forum,

Yes, it is often possible to finance a home prior to moving. Your chances of obtaining financing on the new home will be helped tremendously if you either

1. Will be putting a good percentage down and still have enough money in the bank to pay for several months until you find positions.

2. Search for jobs and obtain employment letters before you make the move.

Lenders are going to want to see that you have the ability to re-pay the debt either by having money in the bank or by already having secured a position.

I would recommend that you contact some lenders who can review your exact situation. They shoud then be able to advise you on the steps you need to take to secure the Texas financing.

Best of luck to you on the move.

ckalvesmaki · Posted: Thu Dec 13, 2007 7:07 am Post subject:

mwollman225 Posted: 12 Dec 2007 21:27 Post subject: How do I get financed for an out of state move?

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okay...my wife and I are moving to Texas in late July What part of TX are you moving too? and we found the perfect house that we want to build. My question has to do with the fact that we have great jobs in California, but we do not have positions in Texas. We wanted to start the build in April to move in when we get there, but is it possible to get financed while we are here? Is this home being built in a developement by a builder or are you building a custom home? I am not worried about having the money to pay the mortgage when we get there because I have alot of interest from the local university wanting me to teach classes, and my wife can easily get a job with the local TV station (with her amount of entertainment experience). Please let me know if we have any chance in working this out.

Thanks

Welcome to mortgage fit:)

If you can have job offers where you would start working within 60 days of your relocation to TX and your loan amount is under 417k. You will be able to qualify for a conforming mortgage. Assuming credit etc.....are ok. Do you currently own a home? If you do will you be selling that? Will you be puttting any money down?

larry · Joined: 27 Jun 2007 Posts: 2598 349.41 Dollars($)

hi mwollman,

You can get the financing before moving to Texas but it is better if you take the loan from a lender who stays in Texas. It will help you and your lender both.

Thanks,
Larry

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