How Do I Qualify???...Relocating.....?

Question

I plan to relocate to Tennessee from New Jersey next year. As a tractor trailer driver, employment is not an issue for me in another state, however, my wife, who works in retirement planning would need to search for a new job. How does the mortgage company qualify us for a mortgage during this relocation process? Would she have to have a job lined up already or would they look at her history and potential to earn? I will also be switching companies, in the same industry. How does a mortgage company view my potential to earn? A letter from the new employer? Is it even possible to get pre-qualified? Would they pre-qualify us based on our current income? We currenty own our home and would be selling it. We have never done this before and have no idea how it works. Any advice or information to help us prepare would be appreciated.

Answer 1

Wow. This is a great question and one that I can completely understand.

There are some mortgage programs that you could use for this type of issue. Yes, you could go ahead and get qualified on what you have coming in right now. But once an underwriter sees that you will be changing jobs, then that could be a possible issue.

As far as it hurting you by changing companies, this should not hurt you whatsoever. You are going back to the same industry, as such, it sounds like you wife is also staying in the same industry. That is very important. If you went from driving a truck to doing banking, well, you can see that there is obviously a life change there. So be sure to stay in the same industry.

If you would like to get some more information on types of mortgage products that you would qualify for, or any other questions, feel free to contact me at timothy.kazee@americanhm. com and we can talk about this.

Good luck.

Answer 2

i am a mortgage processor/jr underwriter so i can definetly answer this! usually when we qualify borrowers for a loan when they are relocating we except a contract from the new job stating salary, position, responsibilites, etc. we look for 2 years of work in the current industry or same position. in your case you would be find because u would be in the same industry. you can def get prequalified they will base it on the income u will be making not on the income u r making now because u wont be making that when u start to pay the mortgage. i dont know where u r located but in ny(where i am) u wont have a problem selling your house to get another! lol good luck!!

Answer 3

You need to have a job offer letter to have full documentation financing and it would be tough but still possible to do a stated income loan. However, if you have good credit and a 5% down payment, I have an excellent program that doesn't verify your income or job and the rate is super close to conforming (within .25%).

Answer 4

You will need employment contracts from your new employers in Tennessee. You loan can be made before you start the job but you will have to receive a paycheck prior to the first payment being due.

If you will be moving to Chattanooga I have a great lender here who I work with and I would be happy to give you her info. Just let me know if you are interested.

Answer 5

if you are relocating you need your new job to be lined up.
with your job, there will be no problem, but the lender will look for at least one pay stub from you and if you will not qualify only with your income you have to look for different programs like no income verification. you will still need new place of work and actually work there for at least 1 week. your wife for qualification purpose need to find the job in the same field.

Answer 6

the economic enviroment, sector issues of jobs, you education,skill, health status, so on relevant factors like that,hard to enumerate in such an answer