Question .. When do I start the process ??

[Anonymous]

My husband and I are looking to relocate in Jan 09. We have been looking a new construction and found a home we love. The builder said he is willing to do a delayed purchase. My question is we have not started the mortgage process and I am very confused. We are also 1st time home buyers. My fico is 620 and DH is aprox 700 we make aprox combine $100k and have 30k for dp we both have been at our jobs for over 10 years ( plan to close than leave our jobs for new company) any info is helpful

[BrianB_The_Loan_Professor]

Relocate? will you be within commuting distance of current job?

I havent done a loan where someone relocating didnt have to have new employment lined up and often it requires at least one paystub from new job.

Jan is not that far out

Most approvals are good for 90-120 days so you could start soon.

The advantage to starting sooner is if anything comes up along the way you have time ro remedy things and keep moving forward.

Realistically I would suggest startingthe process in November but you can wait until you are 30-45 days away from the move and may be fine.

Good Luck

Brian

[DallasLoanGuy]

the underwriter will want to know if you can work existing job. so the cummute factor is important.

do you have new jobs lined up?

lenders dont let people buy a home when it is obvious that they will be quitting.

[Anonymous]

We are moving aprox 100 miles away from our employment. 2 hour commute each way. I plan on working in the same field when we get there but was advised not to leave my current job until I secure a mortgage and close. Is that correct ?

[Anonymous]

I would get a job lined up for after close, and deal with the commute for the short time right after close and such.  For the lenders prupose, they will want you to say that you are going to commute and retain current jobs.  Once the loan is done and closed and you have moved in, it is kind of a mute point.

[Anonymous]

Does it constitute mortgage fraud to lead the lender to believe that you will retain your current job when you actually intend to leave that job?

[Anonymous]

they can not make you sign a document declaring future employment status.  As long as they don't quit their current job prior to closing, the bank would have no say.  I would not advertise this, and if they ask if you are willing to commute from the new house to the job, of course you are willing.  There are lots of things I am willing to do if necesssary.  That doesn't mean that if a better offer comes through after the fact that you ignore it.  It may be borderline, but I would not consider it fraud.  Now, if someone knew their job was going to be lost, and rushed out to get a mortgage prior to it and ended up jobless and defaulting, this might be questionable because they would not have reasonable ability to pay the loan when the job falls ends.