I will be starting a job in Tulsa, OK this June. I am planning on getting an apartment for some epriod of time, but I am very anxious to buy a house as soon as I can. I should be very solid financially after 4 months on the job. My question is, how long would you want to and check out the town before you committed to buying a house??
Also, How long before my lease is up should i start my house hunting process? I am not sure how long the whole process will take. I know it takes about 30 days to close, but how far in advance would you start looking?
Thanks.
2007-01-22 16:21:53 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
A couple things;
You do NOT need to be in your job for four months to get a mortgage. Underwriting guidelines have changed over the past couple years. Now you just need to show a two year work history. If you were in school, then got a job in your field, that counts the same as a work history. If you had a gap in employment or changed industries, then you will need a year's history.
If you are unfamiliar with Tulsa, live there for at least six months before you commit to purchasing a home. You want to be sure you purchase in an area where you will be happy. It takes at least six months to get the lay of the land.
When you sign a lease, be sure you get a clause that allows you to break the lease if you purchase a home. Most large rental properties will allow this. In fact, most have it, and a clause that if you get transfered more than 50 miles, as reasons you can break your lease.
The rental properties are more interested in having you a happy past customer than trapping you into a property. They know the average renter only stay 14 months. It is better for them if you are out there telling people what a great company they are than if you are telling everyone that they made it hard for you to purchase a home.
Good luck!
2007-01-22 23:26:06 · answer #1 · answered by CJKatl 4 · 0⤊ 0⤋
First, I would be sure I was satisfied with my employment. That would take most people a minimum of 6-9 months. Then I would make sure the real estate market in Tulsa is active. Is it a buyer market or a seller's market. Would you want to live in Tulsa even if the job you went there for was no longer a good fit for you? Are you going to miss your family and friends? Lastly, there are online sites that will allow you to put in your figures to see if your in a better position if you rent or if you should buy. Good luck
2007-01-22 16:33:38 · answer #2 · answered by Patricia H 1 · 0⤊ 0⤋
you need to be at the job more than 4 months to be considered for a mortgage
2007-01-22 16:27:09 · answer #3 · answered by Mopar Muscle Gal 7 · 0⤊ 0⤋
paper pencil and phone. start now
2007-01-22 16:27:09 · answer #4 · answered by sheree 2 · 0⤊ 0⤋
I don't now yo
2007-01-22 16:32:13 · answer #5 · answered by david 1 · 0⤊ 0⤋