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Mortgage App and Moving Question

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getting2work
Contributor

Mortgage App and Moving Question

My husband and I are planning on moving cross country and we were going to try to buy a house once we get there.  I will be able to secure a job prior to move and with the proffession I am in my income will double just based on what people are paid on average in that region. (nurse going from south US to CA). My husband has a good job now, but it is tied to this region, he has also been in school for the last few years. More than likely we plan for him to focus on school and kids since I will be making more money and would be nearly impossible for him to get same type of job there.

 

My question is when we app for a loan I am trying to figure out the best time for us to do that. I would rather wait until after we get there because we can stay with family for a couple months and figure out what area etc, but with me having a new job even though same work will they see that as huge negative? Will they look at my old income to qualify? We basically have no debt except for my husbands 20k student loans in defferment for another two years. Together we make about 100K here and I will make about 80K a year there. What will they use as far as our income for us to qualify?

 

Credit scores are 680-705 for both. Nothing bad in the last three years. Looking to buy a home around 190k-210K range

Working on buying our first home!
10/15/2012 TU 680 EX 658 EQ 684
06/26/2009 TU 644 EX 601(fako) EQ 614
06/06/2009 TU 612 EX 526 (fako) EQ 614
05/01/2009 TU 594 EX ???? EQ 563
01/01/2009 TU 527 EX 453 (fako) EQ 477
Message 1 of 5
4 REPLIES 4
pizzadude
Credit Mentor

Re: Mortgage App and Moving Question

 

I would wait until you are moved, settled, and somewhat established in your new job before you apply.   The last thing you want is to be in the middle of a mortgage app and not be able to provide paystubs or verification of employment.

 

I don't think changing jobs should be an issue since you will be working in the same field.  

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 5
ripper998
New Contributor

Re: Mortgage App and Moving Question

Also, if you wait you can get an idea of what your double income will do in a much higher cost of living area.  Gas, groceries heck everything is more expensive in CA.

Message 3 of 5
pizzadude
Credit Mentor

Re: Mortgage App and Moving Question


@ripper998 wrote:

Also, if you wait you can get an idea of what your double income will do in a much higher cost of living area.  Gas, groceries heck everything is more expensive in CA.



+1.  Very good point, you will very likely have to adjust to higher cost of living, so it would be better to take sometime to see how it works out before you apply.

 

Also I'm sure that the cost of real estate is MUCH higher ( you probably know this already ) so you will have to account for that too.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 4 of 5
getting2work
Contributor

Re: Mortgage App and Moving Question

Good advice, there are really good buys out there right now (Sacramento), but I think getting established in my job first would be best. I hope my husband's lack of income at that time and student status won't be too negative for our app. I guess worst case scenario I have to get an FHA loan in my name only.

Working on buying our first home!
10/15/2012 TU 680 EX 658 EQ 684
06/26/2009 TU 644 EX 601(fako) EQ 614
06/06/2009 TU 612 EX 526 (fako) EQ 614
05/01/2009 TU 594 EX ???? EQ 563
01/01/2009 TU 527 EX 453 (fako) EQ 477
Message 5 of 5
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