Mortgage Approval When Relocating to AZ

Mortgage Approval – Phoenix Arizona Relocation

As an Arizona Mortgage Lender, one of the most common paradoxes I see is with clients that are relocating due to a job transfer or promotion face is the timing of buying a new home and closing on a new Phoenix area FHA, VA or Conventional home loan.  Many Phoenix lenders require that a borrower provide a pay stub showing that they have in fact started their new job.  The transferee is oftentimes forced to show that they have moved and started work.  That is all fine and dandy however there is a fundamental problem or at least one  major inconvenience with this.

Getting Approved Before You Arrive in Arizona

The ideal scenario for a family that is transplanting from one geographic backdrop to another is to move into a new home….ONCE!  If an Arizona mortgage company requires the transferee to start work prior to buying a home it is nearly impossible to do so without forcing the individual to move twice.   Once to get to their new city where a new job awaits and then again a second time after they have been on the job long enough to generate a paystub (or 2 depending on the mortgage co’s rules).  All in all probably not a convenient situation the Arizona transplant.  One of two things is needed to avoid this chaotic scenario – a DeLorean with 1.21 jigawats OR a mortgage company with a little more understanding and the ability to make a more logical underwriting decision relative to relocation scenarios.

While Doc Brown is one of my all time favorites I can’t help with the option that requires a gas tank stocked with Plutonium.  I can help however when it comes to approving an Arizona mortgage for an individual that is being moved out to the Phoenix area as a result of a job promotion/transfer to the desert.

Depending on the circumstances and variables related to a transferred clients mortgage loan application, my team can approve and close a home loan for someone who is being relocated to Arizona without having a pay-stub from the borrowers new job.   This is a HUGE advantage for the transferee!  The applicant must of course be approved for the FHA, VA or Conventional home loan that they are applying for relative to standard loan/mortgage guidelines.  The difference is that we can close their loan as long as we receive a copy of their pay-stub by the time their first mortgage payment is due.

It is important to note that this strategy works for clients that are relocating with the same company.  If an individual is moving to Arizona from a completely different marketplace and they are taking on an entirely new job in a new field this option is not available.  What about someone who is relocating in the same field but with a different company you might ask?  Great question.  More detail is needed in that scenario.  Underwriters would need to evaluate these types of scenarios on a case by case basis.   The way that the transfee’s employment contract is written would play a major role in the underwriters decision in any transfer situation.  The contract most certainly cannot contain any contingencies.

If you are transferring to Arizona and need a mortgage planner that can help you with a seamless loan approval call or email me today.  You may also click APPLY NOW to apply online today.

By Jeremy House


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