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New State, New Job = No bank financing (What?)

If you are thinking about moving to a new area for a new career, have you thought about the possibility that when you get there, and try to go get a loan on a new home, that the bank will say "No!"?

Why would the bank do this? The banks like to see a down payment, good credit and a good job history, and if you are changing fields, even if you make more money, the bank still may say "No!"

This is where someone like myself may be able to help! I specialize in lease options and owner financing and both are great alternatives to traditional bank financing. Unlike the banks, when a seller does owner financing, they look at your over all credit history, not just at what you do and the fact that you just moved for a better job.

Sellers actually love to hear that, and would be glad to loan to you and help you get into your first home in your new state of choice. In a lot of cases a seller can offer a better APR than a bank could anyway, and buyers are very surprised when they find this out.

So, if you are thinking of changing jobs or moving to another state, give me a call and I may be able to help you find the owner that is willing to give you a chance, and get you into your new home before you even arrive permanently.

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739

Posted by Todd Clark (Realtor), GRI (Washington Co, Beaverton, Oregon) on 03/02/2008 10:39 AM

Comments (6)

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This post has been included in Oregon Information Washington County, OR Information

6 Comments on New State, New Job = No bank financing (What?)

Excellent information on lease options and seller financing Todd. That has become quite a common thing out here too. Have a wonderful Sunday!

03/02/2008 12:06 PM

by Julie Neerings~Lifting Hearts ♥ Building Dreams~Utah REALTOR® (Keller Williams Salt Lake City)

Todd,

You always give good advice...When I was doing loans, as long as you had a stable job history with no 'gaps' of employment, you were probably OK!!! Thanks, fran

03/02/2008 12:26 PM

by Fran 'The Title Man' Gaspari Title Insurance-PA & NJ (Patriot Land Transfer, Inc.)

Todd, This is great information for potential buyers and really a win- win situation for all.

03/02/2008 03:13 PM

by Judy Tuscano, NH Real Estate Professional (Prudential Verani Realty)

What a wonderful opportunity! I am familar with sweathogs and have known several very successful agents that were graduates of SWU. Remember to have fun and dont get too stressed!

03/02/2008 07:05 PM

by PJ McClure McDream Team (Re/Max Hiawassee Realty)

Julie - I love it because I can help people that have been said "NO" by everyone else!

Fran - I wish that was the case now, mortgage companies are really cracking down!

Judy - Yes it is and that is what I'm all about!

PJ - Don't worry about that, I have fun no matter what I'm doing and look at it as a challenge that will make my business and life better!

03/03/2008 11:18 AM

by Todd Clark (Realtor), GRI (Washington Co, Beaverton, Oregon) (Kastings & Associates, Oregon)

Todd, here I am! ;-) See how good I am? ;-)

Anyway, this is an excellent reminder. I always tell my buyers: don't buy a car, don't change fields, etc. They have no idea otherwise - many of them.