relocating and getting approved for a mortgage
 

Hello,

Our credit is good. Our income is stable. However, how tough is it to
get approved on a mortgage that's just below a Jumbo amount when one
of us hasn't secured a job at the new location?

Thanks in advance for your help...

relocating and getting approved for a mortgage
 

"Jimmy" wrote...

Our credit is good. Our income is stable. However, how tough is it to
get approved on a mortgage that's just below a Jumbo amount when one
of us hasn't secured a job at the new location?

You can find out by attempting to pre-qualify with a bank, credit union, or
mortgage company based on the single income. They will tell you what is the max
loan and/or payment they will allow.

It's not a good idea to base a mortgage payment on both incomes, anyhow...

relocating and getting approved for a mortgage
 

"Jimmy" wrote...

Our credit is good. Our income is stable. However, how tough is it to
get approved on a mortgage that's just below a Jumbo amount when one
of us hasn't secured a job at the new location?

You can find out by attempting to pre-qualify with a bank, credit union, or
mortgage company based on the single income. They will tell you what is the max
loan and/or payment they will allow.

It's not a good idea to base a mortgage payment on both incomes, anyhow...

relocating and getting approved for a mortgage
 

relocating and getting approved for a mortgage
 

Chuckles wrote in message .. .
(Jimmy) wrote in
om:

Hello,

Our credit is good. Our income is stable. However, how tough is it to
get approved on a mortgage that's just below a Jumbo amount when one
of us hasn't secured a job at the new location?

No job at new location, but your income will remain stable anyway?

We have shown income stability in the past and present (both been at
jobs for 6-7 years). When we move, one of us would no longer have our
current job. However, he can easily go into a sales management
position, but it is difficult to find this type of position in the
auto industry when you're out of town.

We were wondering how difficult it was to get approved if this was the
situation.

Thanks!

relocating and getting approved for a mortgage
 

However, how tough is it to
get approved on a mortgage that's just below a Jumbo amount when one
of us hasn't secured a job at the new location?



whoops, did you mention JUMBO?
careful, you'll be accused of being a rich snob!
;)

relocating and getting approved for a mortgage
 

"rosie readandpost" wrote in message ...
However, how tough is it to
get approved on a mortgage that's just below a Jumbo amount when one
of us hasn't secured a job at the new location?



whoops, did you mention JUMBO?
careful, you'll be accused of being a rich snob!
;)

Sorry - didn't mean to come off that way. We're only putting 5% down,
and the current real estate market has many of the homes near that
price range.

Any ideas?

Thanks...

relocating and getting approved for a mortgage
 

"Jimmy" wrote:

Hello,

Our credit is good. Our income is stable. However, how tough is it to
get approved on a mortgage that's just below a Jumbo amount when one
of us hasn't secured a job at the new location?

Thanks in advance for your help...

If your credit is good (FICO above 670 -- other banks may have different
requirements) and you can provide a healthy down payment (30% or more), you
might be able to do a no-documentation or low-doc mortgage. You will,
however, pay somewhat more in interest. I obtained a low-doc mortgage at
below 6% interest and had to provide very little paperwor (e.g. no proof of
income).

You'll want to shop around. Some banks want much more paper work for
low-doc loans than others. Also, some banks will absolutely gouge you on
the interest rates for low or no-doc loans. I received a quote from a major
bank that was nearly 7.5%