Any advice on buying a house... in another state? - Tilted Forum Project Discussion Community

Tomservo · 03-15-2005, 12:06 PM

Hey folks- since there really isn't a "Tiled Mortgage" section, this will have to do.

I'm moving to a different state next year, for law school, but I'd like to begin the home buying process in advance of the move, since my financial situation is extremely better with the job I currently have. It'll be a modestly priced house (likely below $150k) that I'll be able to afford, so I'm not concerned about my lack of significant income during the first year or two of law school, I'm just concerned with getting a mortgage broker to give me the $150k in the first place.

Any recommendations? My wife and I are well above the income median for St. Louis (where we're going) with our L.A. jobs...

skysooner · 03-15-2005, 12:14 PM

Simple-There are tons of realtor websites that allow you to select an area and put in your pricing requirements. You can then look at pictures of the homes online. They pull off the local MLS which has all of the realtor listed homes. You can sometimes get hooked up with a realtor this way as well.

As for a broker, many companies go nationwide. Look at Countrywide or some other national mortgage company. You might not get the best rate this way, but at least you can get pre-qualified for the amount you want to spend.

For instance, try this site for home information. St. Louis Real Estate (first link on google)

Tomservo · 03-15-2005, 12:40 PM

Thanks for the help- good information, but my main concern is that they won't allow me to use my current income on the loan, figuring that if I'm relocating, I'll have to replace that income. Is this a practical fear? Do they care?

Looking forward to the move, though. Houses in L.A. being $400k+, I'll be happy to slap down $150k for a nice place for my family.

iccky · 03-15-2005, 01:32 PM

There's a "Ask The Loan Officer" thread in the Tilted Finance forum where NoSoup, the resident credit and loan genius, answeres questions. You might post there.

03-15-2005, 12:06 PM	#1 (permalink)
Tomservo Crazy Location: Los Angeles, CA	Any advice on buying a house... in another state? Hey folks- since there really isn't a "Tiled Mortgage" section, this will have to do. I'm moving to a different state next year, for law school, but I'd like to begin the home buying process in advance of the move, since my financial situation is extremely better with the job I currently have. It'll be a modestly priced house (likely below $150k) that I'll be able to afford, so I'm not concerned about my lack of significant income during the first year or two of law school, I'm just concerned with getting a mortgage broker to give me the $150k in the first place. Any recommendations? My wife and I are well above the income median for St. Louis (where we're going) with our L.A. jobs...

03-15-2005, 12:14 PM	#2 (permalink)
skysooner Registered User Location: Oklahoma	Simple-There are tons of realtor websites that allow you to select an area and put in your pricing requirements. You can then look at pictures of the homes online. They pull off the local MLS which has all of the realtor listed homes. You can sometimes get hooked up with a realtor this way as well. As for a broker, many companies go nationwide. Look at Countrywide or some other national mortgage company. You might not get the best rate this way, but at least you can get pre-qualified for the amount you want to spend. For instance, try this site for home information. St. Louis Real Estate (first link on google)

03-15-2005, 12:40 PM	#3 (permalink)
Tomservo Crazy Location: Los Angeles, CA	Thanks for the help- good information, but my main concern is that they won't allow me to use my current income on the loan, figuring that if I'm relocating, I'll have to replace that income. Is this a practical fear? Do they care? Looking forward to the move, though. Houses in L.A. being $400k+, I'll be happy to slap down $150k for a nice place for my family.

03-15-2005, 01:32 PM	#4 (permalink)
iccky Psycho Location: Princeton, NJ	There's a "Ask The Loan Officer" thread in the Tilted Finance forum where NoSoup, the resident credit and loan genius, answeres questions. You might post there.