Lending Advice upon Relocation

[Zack Thiesen]

I live in Humboldt County, CA and went to a local mortgage broker today to talk about what I would qualify for in the area. I make 1500 a month after taxes and have no debt, with a decent amount saved up for a down payment. All told, she said it's out of the question. The amount I would qualify for translates (in this area) into a property that would unquestionably be too dilapidated for anyone to back.

I'm on this forum because I had an eye on a property in my neighborhood that is a duplex that I wanted to purchase and live in. Now that it's out of the question, I am seriously considering moving to another state/housing market that I can afford. I am a first time home buyer.

The woman I spoke with just mentioned that I needed to have 2 years of consistent employment bringing in the amount stated. 

If I re-locate, do I need to live and work there for 2 years before being able to buy, even if I get a job and have the same great credit and money saved for the down payment?

[Tiffany Ward]

Hi Zack,

I'm also in humboldt county but I'm looking for investment property. I've come across a property or two with seller financing. You might consider that as an option. There was a place in Cutten with two houses (one of them needs a lot of work) that the seller would consider a lease option. He was asking less than 200k. There was also a house behind the New Ace hardware in Eureka where the seller would carry the note.