Purchase Before I move or after?

Question

Good morning, I'm sure this has been asked before. I plan on moving to another state and I want to purchase a Single family Home, or Duplex in the state I'm moving to. I have a good W2 and wont have it once I move. Should I buy the property before I move so I qualify with current W2 or move first, get a job and then apply? What is the waiting period for new employment before I can qualify. If I purchase the house before I move what type of loan would I need? Thank you for your time.

Jake Wiley · Answer

Piling on to Erik's post, if you are making the case that it will be a primary home type purchase, your lenders are going to want to know how that is going to work from an income perspective.   If you are considering a duplex and have a downpayment 20-25% you could consider purchasing it as an investment property while you have the w-2 job.

As far as a waiting period, they are going to want to verify your employment.   People change jobs all the time and move too, so nothing really is needed there, other than the ability to support your income.   Likely they will call HR at the new job and verify what you told them from an income perspective.       With that said, I am sure they will want to see a couple of recent paystubs so they know they aren't calling your friend to verify your employment.     However, that can be done concurrently with being under contract if you know it's all legit, so you don't need to wait for months before making a move.

Steven Foster Wilson · Answer

I would try and buy the house before you move. If you had this job for a while that will show that you had a steady W-2. I would call around in that area for lenders. Start to price compare and get a pre-approval.

Erik Estrada · Answer

Hey @Joshua Overton do you have a contract with your next employer at the other state? Lenders will want to see that you have another job first.

Nicole Heasley Beitenman · Answer

Is there any reason you're waiting until after you move to apply for a new job? Why not look for the job first and then start looking to move?

Joshua Overton · Answer

Yes I think this is what ill do. If I purchase as an investment property can I still move into it with no issues once I move?

Purchase Before I move or after?

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