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Wanting To Relocate-I'm Stuck


snowpuppy
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I'm looking at homes in my former hometown which is out of state, about 8hrs away.

 

I had pre-approvals from 2 mortgage lenders but both want a letter from my employer saying I'm transfering to a local office of my employer. My job is telework with 1 day a week in office if needed.

 

There is an office 45 minutes away from my old neighborhood but my current office in flyover country will never let me transfer there. I've tried for years. My position can't be filled if I transfer out.

 

My goal was simple, relocate and buy, keeping my mortgage payment the same as rent and retire. If I retire first, I won't have the income to buy.

 

Tell me I'm not doomed to be here forever.😪

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1 hour ago, snowpuppy said:

I had pre-approvals from 2 mortgage lenders but both want a letter from my employer saying I'm transfering to a local office of my employer. My job is telework with 1 day a week in office if needed.

 

You should ask specifically what their concern is in requiring that you document that you're transferring your place of employment.  I find it difficult to grasp that this is specifically mandated and am inclined to believe that there's an underlying reason at work here.

 

For example, a mortgage company doesn't want to finance a home as your principal residence UNLESS you have concrete plans for occupying the home.  They definitely want to make sure that they don't end up the victim of a subterfuge in which you have them finance an investment home that you won't occupy yourself.

 

Your best bet is to explain that you wish to return to your hometown and have a "work from home" arrangement with your employer that you can document.  Ask them what's necessary to make that scenario work for your mortgage app.

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That sums it up pretty well.

 

Lenders are saying they won't consider the home "owner occupied" unless I have a letter saying I have physically transfered to an office near my hometown. Even if I have a virtual telework position.

 

Nothing shady on my part at all. I just want to be closer to family, home prices are manageable and crime is low there. 

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On 6/12/2023 at 9:11 AM, snowpuppy said:

Lenders are saying they won't consider the home "owner occupied" unless I have a letter saying I have physically transfered to an office near my hometown. Even if I have a virtual telework position.

 

Perhaps it's time to seek a new lender.  At minimum, obtain a letter from your employer documenting their WFH policy and they understand that you intend to relocate to "x" address, continuing in their employment.

 

WFH is a "real" thing now.  It's hard to imagine that there are some mortgage issuers who are stuck in the last century on this subject.

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The first pre-approval I got was Rocket Mortgage and they said their underwriters would also require a letter from my employer.  I gotta say their service was top notch but the interest rate and fees are steep. 

 

I'm now trying a local lender from my hometown because they have much better terms but they are conservative. And I'm being kind.

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Rocket does provide excellent "phone".  The rep I dealt with on a refi was personable, conscientious, and VERY motivated to close a deal.  But, yeah, their rates and fees are not attractive.  Based on my experience to date, Credit Unions should be on your query list.

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