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Moving out of state for a job relocation, can we get a loan in MA?

My husband will be transferring with his company from CA to MA, and we want to purchase a home in the next year. I will have to find new employment after we move. How will this affect our ability to potentially qualify for an out of state loan? by haleyz01141 from Culver City, California. Oct 2nd 2015 Reply


Reuben Cano (eloanadvisor)
#416 ranked lender in California - 9 contributions

Lenders expect you to have a 2 year employment history with no gaps in employment over 30 days. If you have different jobs in those two years, they need to be in related industries/same line of work.Employment needs to be within a reasonable distance to the home you want to purchase in order to be considered for purchasing a primary residence (not sure what you mean by an "out of state loan" I am trying to take a stab at answering that part of your question). The exception is if you are a telecommuter and can prove that your job can be done location independent- you don't have to show up at the office every day 9-5 to keep your job.Hopefully that helps. Give more details so we can answer additional questions.

Oct 3rd 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

So long as there's not large gap in employment and you remain in the same industry or same line of work, and your getting paid the same, IE.. commissions, salary, hourly, etc.. then you shouldn't have a problem so long as you meet all other eligibility requirements.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Oct 3rd 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

Because of the relocation and your husbands transfer with the same company, there should not be a big problem with most lenders as long as you qualify for the mortgage you are applying for. It also will depend somewhat whether you are applying for a conventional/conforming loan or a jumbo mortgage.

Oct 4th 2015
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Mark Hemingway (SFSLend)
#1 ranked lender in Colorado - 534 contributions

IF you are moving from one state to another and you are getting a job where you are paid with pay stubs and are W2'd then you can have a job gap of sometimes even more than 30 days. You will want to get in contact with a mortgage broker or lender in your area once you move so you can find out what solutions they have. Be cautious not to go to a big bank lender where they have one set of guidelines. You want options so make sure you go with a mortgage broker if you can. As long as you are in the same line of work or similar line of work then you should be fine with even a 2 or 3 months job gap. Just be prepared to write a very good letter of explanation stating why you moved before getting a job and if you had adequate savings to allow you to move first before finding another job.

Oct 5th 2015
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