What is the name of your state? CT moving to FL
Hello, I just typed a long post stating all the details of my question but when I hit submit, it said I wasn't logged on anymore and when I went back, everything I typed was gone!! So, I'm just going to make this quick this time. I have reasons for everything that may look ridiculous, but I'm not going to go into detail.
Basically, I have to be out of my apartment by Apr 1st b/c I didn't renew contract. I want to move down to Florida. I have 2 loan options: a 1st mortgage 80/20 and a 2nd mortgage where I have to put 10% down and pay PMI.
The home is 150k so I'd have to pay 20k down total including the closing costs if I got a 2nd mortgage, saying it is a vacation home and I'm going to live up here with family and not pay rent.
The only reason I'd get the 2nd mortgage rather than the 1st is b/c I don't have a job down there yet. The lender would need an Employment Agreement from my current company stating I'm transferring down there and will make the same income. I of course wouldn't have that. I only have about 30k in savings and I was counting on that money to help float me until I found my job. I should be able to get a job down there in my field with my experience and many licenses. But I'd be really worried if I had to put 20 out of 30k down and then pay extra each month in PMI.
I'm at the point where I'm thinking of getting an Employment Agreement form from one of these legal forms sites and making it out so that my company is stating I'll be working down there at my current income and signing it.
Does anyone know of any other alternatives for me? Is there anything else I could do? Any loop holes I don't know of? I'm worried that I'll move all of my stuff all the way down to Florida and something would go wrong w/ the closing b/c of this form. Is there anything else they'll probably need? Will they try to verify this form by calling my company? I'm willing to lose my retainer/good faith money which will be around 2k, but the moving everything down there for nothing will be horrible. Is there a strong likely hood of this thing falling apart b/c of this form? Thank you for any help!!
Hello, I just typed a long post stating all the details of my question but when I hit submit, it said I wasn't logged on anymore and when I went back, everything I typed was gone!! So, I'm just going to make this quick this time. I have reasons for everything that may look ridiculous, but I'm not going to go into detail.
Basically, I have to be out of my apartment by Apr 1st b/c I didn't renew contract. I want to move down to Florida. I have 2 loan options: a 1st mortgage 80/20 and a 2nd mortgage where I have to put 10% down and pay PMI.
The home is 150k so I'd have to pay 20k down total including the closing costs if I got a 2nd mortgage, saying it is a vacation home and I'm going to live up here with family and not pay rent.
The only reason I'd get the 2nd mortgage rather than the 1st is b/c I don't have a job down there yet. The lender would need an Employment Agreement from my current company stating I'm transferring down there and will make the same income. I of course wouldn't have that. I only have about 30k in savings and I was counting on that money to help float me until I found my job. I should be able to get a job down there in my field with my experience and many licenses. But I'd be really worried if I had to put 20 out of 30k down and then pay extra each month in PMI.
I'm at the point where I'm thinking of getting an Employment Agreement form from one of these legal forms sites and making it out so that my company is stating I'll be working down there at my current income and signing it.
Does anyone know of any other alternatives for me? Is there anything else I could do? Any loop holes I don't know of? I'm worried that I'll move all of my stuff all the way down to Florida and something would go wrong w/ the closing b/c of this form. Is there anything else they'll probably need? Will they try to verify this form by calling my company? I'm willing to lose my retainer/good faith money which will be around 2k, but the moving everything down there for nothing will be horrible. Is there a strong likely hood of this thing falling apart b/c of this form? Thank you for any help!!