Thursday, December 14, 2017

Can I buy a home when I relocate or should I rent first?

I want to relocate to Florida; can I buy a house when I move down without being at my new job for a year or do I have to rent first?



Most lenders would like you to be in a new job for at least a year, but there could be some give in that if you are transferring. If you are paying cash for your new home you will be fine. If you need financing however, you will need to prove the lender how are you going to pay the mortgage every month for the next two years.
If you have a lot of assets generating income or income coming from a pension, it might work if you have no gaps in employment, are employed in a similar field and have proof of employment such as a contract and are moving for the new job you should be fine. If you have gaps of time unemployed, are starting a new career it might be hard. Without knowing your whole financial picture it’s best to talk to a mortgage specialist who can guide you through this. 



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