New job in new state – Will Bank Mortgage?
If you want to buy a home in a new state which means getting a new job there for much less income, are banks interested in loaning for a first time homeowner mortgage or will they want a high interest rate?
Details – $ 5000 savings can go toward downpayment. No debt. Great credit rating. The move will mean going from $ 30K to about $ 18K per year income due to small job market in rural area. House is $ 55,000.
Why I am asking – 8 years ago when we moved to this state, we assumed that you have to work at your current employment for 2 years before you would be considered for a loan. We ended up taking an unconvential approach for the first 4 years we were here. Four years ago we were ready to go for a mortgage and were surprised at how easy it was. This made me wonder if we might have been able to get a mortgage immediately. In our case it was good to have waited because the interest rates hit rock bottom right when we were ready. We will saved thousands by waiting. Nonetheless, I am still curious as to if we could have gotten one.