Major Dilemna Need Advice!!

[Anonymous]

Heloo evryone...im heartbroken and need advice!..i live in NJ and i am planning to move to the Dallas/Fortworth area in the very near future...i wanted and still want to purchase a home there especially now to take advantage of the home market, low interest rates and the first time home buyers tax credit...now my dilemna...my job has a facilitie in texas that i was planning on transferring to i even began the process of submitting paperwork to that effect only to be told that the facility has a major hiring freeze...NO positions available at this time...i so wanted to get out of NJ and move to Texas!..my question is should i still apply for the loan even though i dont have a job YET in texas? will the potential lenders deny me because im not currently a resident of the area/state? any advice will be much appreciated..

[Anonymous]

2 things

1.  Lenders will almost certainly deny a loan with a cross country move with no jon confirmation.  Even if you found a different job, unless it was in the exact same line of work it would probably be a deal killer.

2.  Unless you are very familiar with an area or have family/close friends in the area to help, buying a house during a cross country move can be a very bad idea.  There is just too strong a chance that you may not like the area/school/job situation/etc or may change your mind and want to move back to where you came from.  Probably 1/2 the time people move across country to a unfamiliar area the end up relocating to a different part of that area or moving back to where they come from within a few years.  Not to say this is your case at all, but something to think about. 

[Anonymous]

Thanx for your advice...i had a feeling that it mite be a waste of time applying for the home when i wasnt living in the area yet i just so wanted to get a home while the getting was good...well i will have to wait a lil while longer...and trust me i have NO reservations about leaving the state and starting a new life some place else...