Buying a Condo & travelling

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    My husband and I "travelled" out to San Diego, and have fallen in love with the area. So, we've decided to stay and have found a GREAT deal on a condo (surprisingly out here!!).

    My lender is taking 'issue' with the fact that I'm a traveller and only have a "temporary" job. They'd like me to secure a permanent position at the hospital before approving the loan.

    I have great credit, and have been a nurse for 9 year, 5 of them in ICU. I don't think finding a permanent job is going to be an issue, especially here in California.

    So, has anyone else tried to purchase a house while on assignment? I can't be the only one.

    I tried to get a "promise" letter from the hospital, stating that there would be a job available once my contract is completed (the current one is until May 1st) as they are constantly asking when I'm going to go "core", but they are unwilling to do this unless I actually apply and complete the process. I don't want to do that yet. It's like being forced into a corner, and I lose all bargaining leverage for vacation/sign-on bonuses/etc if I take a position NOW under these circumstances.

    I told the lender that I DO have a professional, well-established job and if they have a problem with that, I'll look elsewhere.

    I'm waiting to hear back from them.

    Am I way off base?? Anyone have similar problems, experiences??

    Thanks,
    Stefanie
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  3. 3 Comments so far...

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    I had the same problem, only with buying a car. I had to shop around for a lender. Try a credit union. Few people(banks and creditors) understand the concept of traveling nursing. To them it looks like you change jobs every 3-6 months.
    With such a buyers market out there for houses, I would shop around and talk face to face with a broker. Also, only list you "permanent address" if you have been traveling for a while (frequent addresses tend to look negative on a credit application).
    Also, you may want to put a good amount down towards the down payment, that will also help your cause in purchasing the condo.
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    We're buying a townhouse while on travel assignment. (My husband and I are both ICU nurses, on our first travel assignment.) Our lender initially had some problems with the fact that we'd only been in our present jobs for 2 weeks when we applied for pre-qualification. We submitted w-2s from last year, bank statements showing healthy balances, pay stubs from our first week on the job. So far, it looks like the financing may go through (knock wood!). We sold our house on the west coast immediatly prior to taking this assignment, and our intention was always to stay here in Maryland. We even scouted out the neighborhoods we'd like to live in last spring when we were here visiting.

    I think as long as your credit is good and you're willing to jump through more hoops than anyone with a permanent job, you should be OK. But if you really want to stay there, why NOT apply for a permanent job? If you don't like it, you don't have to keep it. Or maybe your husband could apply for a permanent job?

    In our case, I know exactly where I want to work, and have an interview with them coming up. Hubby thinks he may want to continue as a "local traveler."
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    My lender's broker says that being "temporarily employed" for at least a year, is not a problem. The problem is that I've only been at this assignment for 3 months. They want proof of "permanent employment", and I doubt highly that CCTC can use those words.

    As for taking a permanent position at my hospital, that IS my intention, but I wanted to negotiate a vacation, and maybe a sign-on bonus, etc. I feel backed into a corner at this point, and know I lose ANY bargaining power that I may have.

    But, as a last resort, probably WILL do that. At this point, am trying to push the lender to understand my side of it. They've seen my W-2, my credit report, my previous employment history. It doesn't matter to them.

    We'll see what happens. Can't do anything until Monday anyway.

    Thanks. Good luck in Maryland. Maybe the housing market is different out there. Here in SoCal, in their eyes, it's like a "PRIVILEGE" to you, that they're selling you the property. The housing market is so different than when we lived in Ohio. Both price AND attitude.

    But... it's California. Of course, it has to be difficult!! Everything is!!!

    Thanks!


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