Relocating to another state and buying a home

If you are looking to move out of state, getting a mortgage may seem like a daunting task. However, a relocation mortgage loan is similar to those of other type of mortgages. Fortunately, getting a mortgage when switching jobs or moving to a different state can be relatively straightforward if you understand the process and plan accordingly.

What type of loan are you looking for? Home Purchase Home Refinance
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Upfront Approval Guarantee
Conventional Mortgage
Jumbo Loan

When you have an Approval Guarantee it’s like a secret weapon for your purchasing power. The seller has a guarantee that you are fully approved to purchase, not just pre-approved, and you can choose to waive the financing contingency! Learn more about the Upfront Approval Guarantee

A conventional home loan is the most common type of loan that is used when purchasing a home. Learn more about our Conventional Loan Programs

A jumbo loan is used when the price of the home exceeds the conventional loan limit. For buyers that are moving and purchasing a more expensive property, a jumbo loan is needed. Learn more about Jumbo Mortgages

Here’s why you should consider Moreira Team for your relocation mortgage.

Securing a relocation mortgage involves careful attention to various factors to ensure loan approval and a smooth transition. At Moreira Team we’ve helped hundreds of borrowers relocate to a new state for better work opportunities. Here are some important considerations to keep in mind during the process.

Offer Letters
We use job offer letters to qualify you, where a signed offer letter from your new employer serves as proof of income. It’s important to note that we will assess the specifics of the offer letter and your income structure during the evaluation process.

Remote Work Opportunities
The rise of remote work options can provide flexibility when relocating. If your new job allows for remote work or work-from-home arrangements, it can facilitate maintaining employment and increase your chances of obtaining a mortgage during the relocation process.

Timing
Timing is essential when coordinating a job change and a mortgage application. Without an offer letter we require at least 30 days of employment in your new job before approving a mortgage. Planning accordingly will help ensure a smooth transition and avoid delays in securing financing.

Selling and Buying Homes
If you currently own a home and need to sell it before purchasing a new one, careful financial planning is crucial. Selling your current property before buying a new one can provide funds for the down payment and improve your loan eligibility. Alternatively, if feasible, you can purchase the new home first and then remotely sell your old property.

Approval Guarantee Program
Using our Approval Guarantee Program for a mortgage before initiating the home buying process is highly recommended, especially when relocating across state lines. This option will guarantee a smooth closing and avoid any issues when relocating to a new state.

Securing a relocation mortgage requires careful attention to employment stability, income verification, and timing. By optimizing these factors and working closely with our mortgage advisors, you can be certain that your relocation will be a success.

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