Mortgage expert needed!

[sarahcatherinemay]

Looking for some advice! Here is my situation:

Current TU Fico: 669 EQ Fico: 663

Zero Debt - Car loan paid off, credit card util at 1%

Savings: $15,000

Monthly Income (in WA state): $4500

* I am looking to relocate to Boise and would like to buy a home there. My boyfriend just was laid off and found a decent job out there but his credit is bad so we are thinking that I might be better off applying for the loan myself. His income right now on unemployment is only about $2000 but I realize that it won't count if he is not on the loan with me. I do not have a job out there yet, but receive about $800 per month from a judgment (not included in my monthly income) that will help until I get a job out there. Is there a way to qualify for the loan here, using my income here, but for a house in Boise?

The homes we are looking at are priced anywhere from $130 - $170k and I know I would qualify on my own with my current income but definitely not out there once I leave my current employer.

Help! I am ready to buy a home! I just have NO idea where to start!

Thank you!

[StartingOver10]

IMO you can purchase only if you are showing enough income and with your move to Boise, you won't be able to show your income will support the new loan.

If you get a job in the same industry that you have currently, then you should be fine if your ratios are in line.

Qualifying for a primary residence using your current income won't work unless you can show you will retain your current job and "commute" from your new home. The u/w will shoot that down in a heartbeat.

You might be able to purchase the home in Boise as an investment property, but the guidelines are different: more down payment and slightly higher interest rate. For an investment, naturally you would rent it out rather than live in the property. So that doesn't sound like your plan.

The best method is to move to Boise, get a job there in your field, then purchase the home as a primary residence.