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Tulsa Mortgage : Podcast 152


Tulsa Mortgage  This is the Steven Tyler show episode number one. D2.

Well Steven Tyler with Steve Tom Tom and Tyler one negotiating partner. Are. Very smart.

GOOD FOR YOU. Nobody knows what pictures like this. Get ready.

Here is Steve.

Tulsa Mortgage  Good morning everybody that’s listening to the Steven Tyler show episode 1:52 doing a little bit different today. There’s no Steve as part of the Steven Tyler show. Just Tyler Styler show today. So today we’re going to be talking about can you buy a home if you’re moving out of state and changing jobs. And the answer to that is maybe. So there’s a lot of variables. That would go into a scenario like this and this is a very very common occurrence. And the biggest occurrence will probably be a lot of people get relocated for their job. So you’re not necessarily changing jobs you’re just relocating from a different area to a new one for whatever reason. So in that instance it’s a little bit easier to do a lot of loans allow for it. So the biggest problem area would be what if you’re moving to a different state and you’re getting a completely different job altogether. So there’s a lot of things that go into that first thing that you’re probably going to want to have in your possession is going to be a offer letter. We’d like to if you can get what’s called a non revokable contract that’s probably going to be the absolute best thing for you to get. Basically it just says that this contract is non-negotiable. That’s the only difference between an offer and a non-trivial contract. Just those worked non revokable contract. We’re going to be looking for in that offer letter slash contract. Need to have your start date your pay. All those things. Position where it is location.

Tulsa Mortgage A lot of stuff kind of goes into that offer letter portion but that’s going to be the biggest thing that you’re going to have to have for us to get your just up and moving and you think you’re going to get a different job and you’re probably going to have a little bit of a waiting period. So there are loans that will allow for you to actually close on your new home before you start your new job. So we have this happened recently. It was a wound in Missouri I believe there were a young couple they were moving it was within the same state but they were moving about I don’t know a hundred and fifty miles away from where they currently lived completely changing jobs. And the wife had a offer letter just say you know where she was where she was going how much she was going to be making when she started. And the guidelines at the time for an FHA loan actually allowed for her to close on her new house before she started the new position and she had to start with. And I think it was 60 days. Don’t quote me on that. But she had to start a new position within 30 or 60 days. We had to do a initial verification of employment on that as well. So that can kind of add some delays into the process because a lot of times if you’re starting in the position especially if you’re starting with a new company there’s a lot of checks that are going to go into place before you’re an official hire.

Tulsa Mortgage  So they’ll give me an offer letter but it will be contingent on passing a background check you passing a drug test you passing all kinds of things so a lot of companies won’t even give us the verification of employment saying that so-and-so is actually going to be working here until all those things are actually complete. So that was a part that we did run into we had a little bit of delay because there was a lot of things that she had to do for she could be special. But we did in fact close out a loan before she started her new job. Another example we even had one that he changed jobs completely wasn’t a real location but he just changed jobs completely during the process. And that’s something that every lender thinks would be completely painful. But we found a way to work through it. He got a what we call an honor vocable contract from his future employer. He did close on his loan and then we had to get his first paystub. So that ended up on our side kind of being truly document but we did get that we got his first paystub after he closed. It was only like a week after we got that moved on down the road. So some loans it depends on what you’re going to do what your loan type is. You know if it’s going to be completely possible for you to actually move out of state or just move and enroll change jobs completely close and alone. So a lot of times I would just prepare on a worst case scenario that there’s going to be a waiting period.

Tulsa Mortgage  So I would say you know I always plan on the fact that when you move when you change jobs you’re going to need your first paystub before you can actually close on her loan. Sometimes you may even need 30 days worth of pay stubs before you can cause an alarm. So there’s just a lot of variables that go into that you know especially if you’re completely changing the or going into a different area or whatever. I mean there’s just so many variables that can come up and when it comes to changing jobs and job transfers are typically a lot easier. You know you’re with the same company there. You know you’ve been an employee for five years. You’ve worked in California they’re moving you to Oklahoma. Same Position same pay. Maybe you can raise whatever but those tend to be a little bit easier transfers. Now another issue that people may really run into especially if you’re moving and you already own a home is going to be what’s happening with that other home. So people don’t really think but some loans you know out there may have an overlay that says you can’t do the same loan while you have that one existing on another property. A lot of times there’s ways around that. You know you’re moving for work or family size increase or whatever. So for instance like carrying to V.A. loans at once that can be you know tricky either just a lot of things you got to go through on that one but you just have to be able to show you know why you’re moving and what’s going to happen with the house. So if you already own a home that can be a little trickier.

Tulsa Mortgage  You’re also going to have to look at getting you know both payments. So are you selling that home before you move here as a company like a relocation company buying your home selling your home. Is your assistance coming from. So there’s a lot of factors on that as well because I mean if you’re going to try to maintain that home or try to sell a home yourself you haven’t sold it yet you’re moving you’re going to have to count that payment as a liability. So are you going to be able to for both house payments when you move them. Not necessarily common. I mean a lot of people will have that arranged far ahead of time. Their house will be up for sale. They’ll be in contract. They probably won’t move until they’re actually in contract. I have a closing date. We won’t close till after. But it can’t happen. So what’s going to happen with that other property that they own and that liability can pay for both if they need to. That’s kind of the gist on the changing jobs the moving out of state kind of areas of paying that we run into. We had one just recently I think two days ago while we were talking about the same scenario of the movement for tech from Texas coming up here completely changing jobs. One of them doesn’t even have a job yet in the area. I don’t think we’ll have an issue finding it but that was kind of a you know their big thing is they’re already in a contract on a house they want to make sure that they can close and it’s very possible.

Tulsa Mortgage  It’s just again check your guidelines on which ever a loan type you’re going to be going for. So each one’s going to have a variable. Some won’t let you close to get the first paystub. Some will let you close 30 60 days ahead of time. As long as you get all the things in order. So biggest thing if you’re going to be moving get the offer letter for whatever position you’re going be taking. Get that to your lender. Lenders out there and he’ll see you. You need to get that offer letter. Look at what it says. And again if it’s a vocable contract all the better but that’s about it. All I got for you on that. So check out the podcast The Steven Tyler show. Get qualified dot.com. That’s all we’ve got for you to