Last year, it was a challenge to move, but we had some good people helping us out. This year, it's been harder to fnd those people, but it simply does not make sense. Our goal is simple: we want to move to another city and buy a house. Seems like that must happen all the time. The problem is that while we were able to get a loan last year with a letter of employment, this year we've been told over and over that we need to actually BE employed (sometimes for 30 days) before we can close on a house.
I told Lisa that this is a classic example of a Catch-22. You can't get a house without a job, but you can't work at the new job without a house to live in. But why this year and not last? Lenders in Florida have said it's a federal requirement, but obviously we've done it before. In fact, almost everyone who has ever moved and purchased a house has done it before.
I'd heard from Uncle Mark that he sometimes worries that there are a lot of people in Florida who are scammers. Maybe that has something to do with it. Or the fact that Jacksonville is a military city. I don't understand, but I am getting frustrated contacting multiple lenders who seem to think it's NORMAL to not offer a closing on a house until the borrower has somehow established residence enough to work at that job. Where? In a hotel?
It feels like the real scammers are the Mortgage brokers. We've been told to get an FHA and refinance or just start work. And move twice? One parent stays in Kansas until the other starts work from a hotel? It's a scam of laziness and fear from lenders who don't want to take ANY risk whatsoever. In fact, I was dismayed by the sheer number of bankers I was able to find when searching the area. People who do nothing more than make money from other people's money or misfortune. If you are one of these people, you won't get upset when I say that about you, as long as I offer you the chance to do so with me. So here it is.
Excellent credit scores. 20% down. 30-year loan. In Jacksonville. Close BEFORE start of work with letter of employment. Simple. Or it should be.
In the area below, I will provide anonymous answers to this loan scenario. I am frankly surprised.
We can qualify her on her new job here with a employment letter and we can close after she has worked at the new job 30 days.
For Lisa, if she has a local job here that starts July 1 we can use her salary and it would have to be after July 1 to try to close.
We can do an FHA loan, not a problem. Just not Conventional. But I will certainly check with our underwriting department to see if this is something that we might be able to get an exception on
Thank you for the email. This will be a matter of debt to income ratios for your wife. You may have to produce a lease agreement on the home in another state in order to receive income on it. This will help wash out the monthly debt a lender is hitting you with.