Buy a home in this situation?

Question

So I have lived in the same awful small noisy apartment for 5 years and want to move - badly. However, my company is in the process of being sold to another company, and my job will almost certainly be going away at some point in the next few months. But there is a nice severance policy which would give me over 10 months full salary if I am laid off, and I live in metro NYC which has a decent job market, and IT has taken a hit but I *should* be able to find another IT job in a reasonable amount of time. I have decided that this is where I want to stay for at least a few years so location isn't much of an issue (although buying a home then getting a new job somewhere and having to commute a long distance is a consideration). Lastly, the housing market is ripe for buying at this point.

Given all this, should I buy or wait until I find a new job?

Answer 1

If you are certain of a lay-off, then I suggest you buy now, considering the hassle of the additionial paperwork to prove income will just make an already crazy situation crazier.

Answer 2

Here ias the catch being on a job for a 2 year period is important to banks, but as long as you stay in the same industry in your case IT, you will be fine. What my suggestion for you would be is first get pre-qualified for a mortgage, and do it assuming your income may be lowered by a little. Find out what you can afford based on that. if you find a steal on the market go for it and dont waste time because the banks will want to do a verification of employment. If not than you can wait untill you find your new company and will not be pressed about the mortgage payment. The worse thing you want to do is get tight on cash and not be able to make the mortgage, that will surely damage your credit. If you would like to get a fast free pre-qualification with access to low rates, great loan programs and service feel free to log onto http://www.justgetaloan.net also for more assistance contact me at 866 530 7300 ext 7305 or at [e-mail]. PS> We Are Located In NEW YORK and can help you with finding a realtor.

Answer 3

I say get a new job and find a place close to it. If there's no reason you have to buy now, then the more responsible thing to do is to wait. You never know what will happen. A house can be a huge investment, not only of a monthly payment, but also of time and money on those little things you don't plan for. Better to get settled first.

Answer 4

Absolutely not.

Here is a key point:

You have a steady job history NOW. The qualifying status requires 2 year employment history without a gap. I think considering your objective is to stay for at least a few years you should consider buying now while your employment history will qualify.

I write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.

Answer 5

I suggest you Buy now in the area Where you can find another job. 1 reason To buy Now is job history length of empolyment. and besides real estate market is on down swing should be able to get good price.

Answer 6

i'm at a loss for words about the "fiduciary duty to the valuables" remark. it variety of feels that you factor out the charges will be treated and also you'll purchase the living house, being the only inheritor, this should not be problematic. the hardest area will be a thanks to move identify contained in the most financially to blame technique. you do not want to pay inheritance tax, move tax and set your self for a fabulous capital advantageous residences hit in case you try this incorrectly. I agree that an criminal professional could propose you, yet you may also want to communicate inclusive of your accountant about a thanks to ward off tax ramifications. Sorry about your loss and bigger of tremendous fortune to you in 2008. would the grieving procedure be speedy once you may commit your self to it and not in any respect settling the valuables.