Morgage Question for DallasGuy

[Tryin2rebuild08]

Hi DallasGuy,

I've been reading your solid responses on this board for the last two days. I have a question for you. I'm shooting to qualify for a morgage in the next 3 months. I've once lived in Dallas 2002-2003, and was always fascinated by the quality homes you get for the price. I had moved moved back to NY because of family issues, but now I want to buy and home and move back to dallas to raise my kids. However, I'm wondering what I would need to show to Qualify for a loan in Dallas. I will not be moving into a job there, but is very confident, that I will find one in a month or two. I also have some money save to take care of my expenses for about 3 months. Right now I'm working on improving my credit score. Any help will be greatly appreciated. Thanks

[DallasLoanGuy]

You will need a job. Specifically: At least one paystub from the new job to close.

Unless you could find a lease option type deal.... you would have to get temporary housing.

Sorry

[Tryin2rebuild08]

Thanks Dallas. Understood. The reason why I asked it's because i had a friend who bought a house in GA without a Job and move straight into her house, then found a job a few months later. WaMu is her bank. I also had another friend who did the same thing in Florida. Does it depend on the state?

[Anonymous]

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@Tryin2rebuild08 wrote:

Thanks Dallas. Understood. The reason why I asked it's because i had a friend who bought a house in GA without a Job and move straight into her house, then found a job a few months later. WaMu is her bank. I also had another friend who did the same thing in Florida. Does it depend on the state?

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I'm no authority on mortgages and lending, but I wouldn't be surprised if your friends either capitalized on high FICOs or if it's a case of how the market has changed since the decline/explosion.

From what I understand, lenders are adopting stricter guidelines in lending now. Too many foreclosures, too many short sales ...

[Anonymous]

I had looked into a new house in GA and I was told that I would have to show proof of having a job in GA for the approval process. I was told that if I did not have the first check stub for proof, I would have to have a letter on company letterhead indicating a start date.  This was in the earlier part of this month.

[DallasLoanGuy]

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Tryin2rebuild08 wrote:

Thanks Dallas. Understood. The reason why I asked it's because i had a friend who bought a house in GA without a Job and move straight into her house, then found a job a few months later. WaMu is her bank. I also had another friend who did the same thing in Florida. Does it depend on the state?

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and i did those deals back in the day.

in the long run it would be worth renting for 6 months and getting a job first, but some people wanted to do it this way. and paid thru the nose in interest.

those deals dont happen anymore.