Career Change, Relocation, Home Loan Question

 We are considering a career change that involves a long distance
relocation.  We will be selling our current home and expect to profit
enough to make a 20% down payment on another home upon moving.  I'm curious
how likely we'd be able to get approved for a home loan in the new area
considering all the changes that will have been made.  Is it likely we'd
have to rent for a while until stability is developed with the new job?  
Our credit score is great so we don't foresee any problems in that area.  
Surely someone has experienced this :-)

Thank you!
Carol Ann

 

You may want to rent for a while just so you can take your time
shopping for a new house and get familiar with different
neighborhoods.  And if you try to apply for another mortgage before
you've sold your current house, you'll probably have a tough time, and
at best your loan will be contingent on selling it, which will put you
in a bad position with making offers.  (As a seller, I know I would
not accept an offer that is contingent on somebody else's home selling
first.)  OTOH, if you have the 20% down payment in hand, proof of
employment at your new job, and no other house payments hanging over
your head, I doubt if you'd have any problems getting approved.

-Sandra

 On Mon, 01 Dec 2003 15:13:12 GMT, someone wrote:


Nowadays there is a mortgage loan for practical every situation, but
you'd want to avoid the 'subprime' market unless you are prepared to
take a hosing on the rate, points and terms..

Do you have a "job" in the new location, or does the "career change"
involve something else?  Reason I ask is, is you have good credit, a
history of steady employment, and a 20% down payment, and you are
'just' moving to change "jobs", seems like lots of bank would think
that was pretty normal.  However, it might be best NOT to wave the red
flag in front of their face and say "ya know I have been an actuary
for 10 years and I am now about to try being a feng shui designer".

-v.