Buying a home in another state

Discussion in 'Credit Talk' started by AnnMarie, Feb 27, 2001.

  1. AnnMarie

    AnnMarie Well-Known Member

    Our credit isn't the greatest but we're looking at probably close to 20% down....last score I have is about 605 (with 99.99% of available revolving credit USED- I've paid that down to about 50%.(I wonder how much the debt percentile effcts our scores?) But where we want to move to (so we can finish school) is in another state. That means new jobs, etc. I don't know how mortgage companies look at that--do they go on your current money and assume that you'll make about the same? Or do you need to prove jobs in the new area? HELP!
    I have really been wondering! Thank you!
  2. kim

    kim Well-Known Member

    Re: Buying a home in another s

    You shouldn't have a problem getting a loan, as long as the new jobs are in the same field as the old job.
  3. Momof3

    Momof3 Well-Known Member

    Re: Buying a home in another s

    Your debt/ratios make up for about 35% of your score, so paying them down from 99% to 50% will surely help your score. Many people relocate and buy a house, I believe if you will be getting jobs in the SAME line of work then it wouldn't be much of a problem, they will base it on what you former w2's say and may assume that you will make the same in your new job if it's the same field. If you know where you are relocating to I suggest finding a good realtor and a good mortgage broker.

  4. David W

    David W Guest

    Re: Buying a home in another s

    Actually your income will be based on your new job. If it's in the same line of work the only problem you will have is if it's commission or bonus based. If it is they will only use the base income to calculate ratios.

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