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i would love to relocate to south carolina and searching for work there. How can i get set up for a mortgage if i am looking to relocate but have poor credit, and searching for work? I have some income coming in now, but also wish to become a business owner.

by tmwturtles_928_263 from Centreville, Michigan. Aug 5th 2011 Reply


Tom Stevens (Thomas.Stevens)
#21 ranked lender in Massachusetts - 68 contributions

You likely would not be approved for conventional financing but would need a substantial down payment to get a portfolio loan. You may want to consider renting for now. You won't be able to qualify for a mortgage unless you can show that you have a job in your new location. If you wish to be self employed, lenders would need a 2 year history of income from that before you could qualify.

Aug 5th 2011
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Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

Poor credit is the main issue. Until your credit is repaired, you'll have trouble getting financing so I would concentrate on increasing your credit scores to at least 640 before trying to buy a home. Also, if you plan to buy or start a new business, you'll have to have filed two years tax returns as a self employed business owner before you can use that income.

Aug 6th 2011
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