A renter that wants to purchase out of state?
Question by JustMeNmyBoYz: A renter that wants to purchase out of state?
Hello! I am a renter in Massachusetts, and I want to purchase a home in Georgia next year. I work for Bank of America so I can relocate with no problem job wise. I do have 2 children, one who is 6 months and the other who is going to be 4 in december. I am just trying to figure out how the process works. Like would I apply for a mortgage first down there and then ask for a relocation? Or ask for a relocation and then purchase a home? I want to start applying for some schools in the area I would like to live in, just so that I could have my son ready for school next September, but I am just somewhat confused on what to do first???
I found a realtor already, so I thought maybe I could fly down and look at some properties, view the areas, and then take it from there. So if I applied for a mortgage and got approved, wouldn’tI have to go back down there to do paperwork? I mean can someone just guide me in the right direction as far as the relocation process goes?
Also, my husband is unemployed, looking for a part-time job right now, but if he does get a part-time job and i use his income on the mortgage application, if we move, he will need to find another job?so how would that work?like i can get a transfer, but him?????does the mortgage company make sure you have a job in the new state before they approve you?
should i get an aprtment out there first, let him find a job and then buy a home?what would you do?
Answer by Richard
You will find it difficult to either purchase a house or enroll your boys in a (public) school in Georgia without you actually living there first. Here’s why:
– for purchasing a home where you are not currently resident, you’ll either have to have a letter from B of A stating you are being, or have been, transferred to Georgia, or you’ll need to buy the house as not being owner-occupied. It is very difficult to get much of a loan on a non-owner occupied house (effectively, a rental or vacation property). Plus, your husband will have no established work history or transfer to Georgia, so only your income will count towards any loan you may need.
– public schools all require proof of your living within their “catchment” area before they’ll let you enroll. This means you will need to either be renting an apartment or purchasing a house in the school district where you want your boys to go.
Taking all this into consideration, here’s probably the most logical way in which to approach a family move to Georgia:
1. Get a transfer with B of A to the town in Georgia where you wish to live.
2. Rent an apartment and move there.
3. Enroll your children in the school you want. Have your husband look for work in Georgia
4. In the meantime, look for houses and buy.
As a result of the loan fiasco of a couple of years ago, mortgage companies will look very closely at income etc. on your loan application. The two of you establishing a solid work history in Georgia first will help a lot in getting a loan for the house you want.
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