# Really Need Some Real Estate Advice



## KY Bound (Aug 12, 2010)

Ok, here is our dilemma. We have found a property in another state and are trying to get a mortgage at a bank that would be local to the property. I was turned down for proof of employment, I.E. I don't have a job in the area where we will be living. They would not even consider the mortgage because I do not have a local job. I am looking for a mortgage for less than $100,000 and the payments would be able to be made even if I was working a minimum wage job. Does anyone have any ideas or suggestions? This property is what we have been looking for and I really don't want to miss out on it. 

I presently have a job and do not plan to move into the house untill I have a job near the new home. I can continue living in an apartment and make the payment on the home as well. Am I asking too much? Should I try another lender?


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## MN Gardener (Jan 23, 2008)

Once you get a job in the area you will be living in, they should give you a loan. How much of a downpayment do you have? If you have a substantial one could it be considered a 2nd home or investment property?


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## willow_girl (Dec 7, 2002)

I was in this situation once. I had to secure a job offer from a local company in writing and take it into the bank. My mortgage then was approved.


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## Cyngbaeld (May 20, 2004)

My advice is to slow down. There is not one and only one good fit for you real estate wise. That might be the only thing on the market this moment that you like and you may find something down the road you like better. I would be taking that extra payment amount each month and saving it towards a hefty down payment. If you are worried about inflation, look into saving it as PMs. Otherwise, set up a separate savings account and pay that amount into it each and every month. Save your account info, showing you made the payment as this might influence your ability to get a mortgage. At the very least, it will dramatically decrease the amount you will have to pay as interest over the life of a mortgage by increasing your down payment.


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## ChristieAcres (Apr 11, 2009)

I'd take Cyngbaeld's advice, secure employment there first, and also consider Seller financing in the future rather than getting financing through a bank. If you do go with Seller financing (which is still legal in most States), have it recorded, closed via an Escrow Officer. Another option would be a Lease Purchase Option.


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## roadless (Sep 9, 2006)

We are in the same situation. We applied for and was granted an investment property mortgage. We would have to pay a bit more in interest and put more down but would plan on refinancing with a conventional mortgage when settled in the new area. Good Luck.


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