My wife and I currently live in Northern California and are both gainfully employed making roughly $80,000 a year. We are now considering moving to Texas and would like to purchase our first home.
Unfortuantely, we wouldn't have jobs out there for at least our first few months. My question is a fairly simple one.
Can we qualify for a loan based on our current income even if it's in another state?Buying Home in Different State?
Absolutely not. No income, no loan. You have to get jobs in Texas before you will qualify for a loan there. Hopefully, you get jobs in a similar field, this can significantly reduce the time you will have to wait to qualify for a new mortgage.Buying Home in Different State?
Not if you are not employed, but ask your lender. If you have been with your bank or credit union for a long time they might give you more leeway.
That is COMPLETELY up to the individual lenders. You have to ask THEM.
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