Updated about 10 years ago on . Most recent reply
Lending Advice upon Relocation
I live in Humboldt County, CA and went to a local mortgage broker today to talk about what I would qualify for in the area. I make 1500 a month after taxes and have no debt, with a decent amount saved up for a down payment. All told, she said it's out of the question. The amount I would qualify for translates (in this area) into a property that would unquestionably be too dilapidated for anyone to back.
I'm on this forum because I had an eye on a property in my neighborhood that is a duplex that I wanted to purchase and live in. Now that it's out of the question, I am seriously considering moving to another state/housing market that I can afford. I am a first time home buyer.
The woman I spoke with just mentioned that I needed to have 2 years of consistent employment bringing in the amount stated.
If I re-locate, do I need to live and work there for 2 years before being able to buy, even if I get a job and have the same great credit and money saved for the down payment?
Most Popular Reply
Hi Zack,
I'm also in humboldt county but I'm looking for investment property. I've come across a property or two with seller financing. You might consider that as an option. There was a place in Cutten with two houses (one of them needs a lot of work) that the seller would consider a lease option. He was asking less than 200k. There was also a house behind the New Ace hardware in Eureka where the seller would carry the note.