We live in a very expensive state/city... and we're going to move to Texas. (his family is from there and we can stay at their house during the transition...)
We have a house here that we are going to sell and make some good money on that, however, my question is. Once we are over there and we have the downpayment to buy a house (more than enough) would we be qualified for a loan if we just moved to the state and started new jobs? Thanks in advance.
2007-03-12 08:56:15 · 5 answers · asked by joy 4 in Business & Finance ➔ Renting & Real Estate
1. With 20% down and good credit which it sounds like you have it would most likely be no problem
2. Do not pay anyone to pre-qualify. That is bull. It doesn't apply if you haven't even identified the house you are going to buy as yet. They will only honor it, if you would qualify at the time anyway. So its useless.
3. Just make sure that you handle the sale and purchase properly so that you don't have to pay any taxes on your capital gains from the sale of the house in the expensive state. That will be your biggest worry not finding a bank to lend you money.
Good luck and have a great life in Texas.
2007-03-12 09:14:30 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You may have a problem since many banks like to see steady jobs and residences. But, if you can show that you had your previous house and job for many years, they may accept that and understand that you are moving to a new state.
That and if you have a good downpayment as a result of the sale of your house, that should help. The larger the downpayment, the better the bank will think of you. They are more likely to lend you money the less you actually need.
It might not hurt to start checking now, call some of the banks where you are thinking of moving and talk to them, get an idea of what you might be in for before you take the leap and do it.
Laurin Jeffrey
Toronto Realtor
2007-03-12 16:13:19 · answer #2 · answered by Laurin Jeffrey 2 · 0⤊ 0⤋
I moved from an expensive state (California) to a cheap state (Florida) and was able to buy a home without having a job at all. I had 20% down and excellent credit. So, you can probably pull it off, too. Good luck!
2007-03-12 16:03:50 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Yes. Don't forget about paying capital gains taxes when you sell your old house.
2007-03-12 16:08:42 · answer #4 · answered by regerugged 7 · 0⤊ 0⤋
yes along as you have have something showing how make you will be making a year.
2007-03-12 16:02:24 · answer #5 · answered by cmruffin1 2 · 0⤊ 0⤋