When relocating to a new State, many want to have their next home purchased to avoid the inconvenience of having to move twice from temporary housing to their permanent home in Washington. Lenders want to know that the borrower have employment and the ability to make their mortgage payments.
If you have a job waiting for you at your new location, often times a copy of your employment contract documenting the start date, salary and probability of continued employment. A verification of employment will be performed either/or verbally or with a VOE (verification of employment) form to be completed by the new employer. It’s also important to know that the new employment must be in the same line of work as the previous employment.
What if you’re self employed and moving your business out of area? Unless your clients are able to follow you, such as an internet based business, it may be challenging to use your past income for qualifying as you are leaving your client base behind.
There various types of income may not impacted by relocating (subject to underwriting guidelines), such as:
- Rental income
- Retirement/Social Security
- Alimony or Child Support
- Notes receivable
- Interest and dividends
- Income from Trust
Other types of income may be considered as well…but if you’re planning on qualifying based on income from your “future” job–make sure you’re actually on pay-roll and do discuss your personal scenario with a qualified Mortgage Professional before you make any moves.
Obviously the lenders main concern would be either the borrower would be able to payback the loan or not? and to make their home is the dream of every household.