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Moving out of state and want to buy a home
Hello,
My husband and I are moving to another state so that he can attend grad school. We want to buy a home because it will be more affordable than renting, and we want our own home. However, we will both have to find new jobs in the new city. We have about 5 months until he starts school, and we want a home before he starts. We've been pre-approved for a reasonable amount and could get a home based on my current income. But, once we get to the new city neither of us will have jobs there, and I'm guessing we then wouldn't be approved for a loan. Advice from anyone who has moved and bought a home at the same time? How did you do it? Should we move now, rent for a few months while finding work, then hopefully get home before the end of summer? Or is it possible to use your income/credit to purchase a home out of state? Anyone been in this situation before?
Re: Moving out of state and want to buy a home
If I was moving to a new state I'd rent first to get a feel for the area, find out what I liked, disliked, etc before I bought a home.
FWIW, buying a home is not necessarily more affordable than renting. There are huge upkeep costs that come with home ownership, not to mention the down payment and closing costs.
Agree with above. Also are you planning on staying in the same area after grad school. If you are not planning on staying in the house for more than 5 years, then I would not buy.
My sister lives in that city and her husband is from there too. They've agreed to let us stay with them for a few months if needed while we look for a house (if that's the plan). We've visited many times and kind of have a feel for the city and places we wouldn't want to live.
Also, is it possible to get approved for a loan if only employed in the new city for a little while?
I think it would depend on several factors - savings and credit for one, and then how long you've been in your current field. It might not be a problem if you've been employed in the same field for a certain number of years.
I would call a mortgage broker (you'll get better service from a local one) and ask them what your options are.
I would NOT buy. At least not right off.
My DH and I bought a house while he was doing his PhD. He has since graduated, and now we have a house we can't sell since we are underwater that we are renting it out since we moved across the country for his first job.
Out of the group that started with him, MANY people dropped out, didn't pass comps, professors moved schools and the students decided to switch programs along with them....ANYTHING can happen in grad school. Or what if he gets a year fellowship somewhere to do research, etc (not sure what field...but these things do come up)
While I loved having our house and our space, especially since we had 2 kids while he was in school...if I had to do it over again I'm not sure I would. We are renting ourselves now and it's nice in some ways. We probably will buy again when we know we'll be somewhere for a long chunk of time, but if you are looking at 2-5 years for grad school then I'd seriously consider renting.