I am Really moving this time.

[Lindagerr]

After 18 months of unemployment last November my DH was offered a job. The catch was he was supposed to start as a contractor and then become a regular employee after 6 months. We were also supposed to move to Colorado 6-12 months after he was hired.

Back in March we were told we should get ready to move to Colorado everything was going as planned. Well that got switched to May and the June and so on. So I was feeling really uncomfortable and in limbo with this whole thing.

Well in May another company called my DH and said they were interested in him. They continued to persue him and we finally went up to have a face to face interview. He got the job. So this snow hating winter hating sun-worshiper is moving to BUFFALOmilelol:.

We have agreed that I can visit my Mother & sister in SC and my Aunt in FL. all winter if I want. This is a great opportunity for my husband career wise, I am not sure how it is going to change my plans. I haven't figured out what it would take to be a teacher in NY. On the other hand there are a lot of chemical type companies up there I could maybe look at.

I will definitely finish my AAS as soon as I get the requirements through the TESC hierarchy I have been working with since June. I am not sure if I will finish the BA in SS I am very confused about that right now.

I still have a LOT to do to prepare and sell our home of 27 years, so I don't expect to be moving for a few months. This is a very exciting event for us, I was nervous about moving all the way out to CO. Buffalo is not that far from home (just the next state) and there is an airport near there that has direct flights to Myrtle Beach so I feel more comfortable.

We have lived in NJ all our lives and my children were born and raised in my current home so this will be a new chapter in our life.

All of you are like family so I wanted to share with you. I will also be a little less visible on the site because I will be so busy. If anyone has a question for me feel free to PM me I am more likely to see it there.

[burbuja0512]

Darn it!!! I was hoping you'd move out here to sunny Colorado

Oh well... I am sure that you will enjoy Buffalo. I have been there a couple of times over the last few years for business. It's a great city and a short drive to Niagara Falls and not even that far from Toronto!

Keep us posted on how it goes when you're able to log on.

[skyfall123]

Bless you heart Linda, I'm glad hubby found work. Look on the bright side, your hubby will now have additional sports teams that he gets to root for. hilarious

[Merlin]

Congrats on the new job for your husband... sorry to see you're moving to Buffalo though.

We're in the same boat... my wife just got a new job in San Francisco, so we're now in process of pulling up roots in Virginia to drive cross country to San Francisco, and we have to be there in 2 weeks. In that time we need to pack, move, and get contractors in to get our house ready to put on the market. We've both been unemployed for 6 months though, so its a good thing, and we both love CA.

I just need to find a decent testing center now.

[CLEP101]

That's great news about your husband getting hired. It sucks that it's New York though. (just kidding :roflol: )
I guess I just like Texas too much. I'm sure you guys will enjoy it up there. If you need advice about moving, just let me know, my wife is an expert. We move every couple of years. :mad:
I'm glad I haven't had to move my family in the last 4 years.

[Lindagerr]

@ Geezer My hubby's name is Bill and so is my son's so we have already started calling them the Buffalo Bills:roflol:

@ Clep 101 Buffalo is definitely not my first choice of places to move, but the job is just too good to pass up. I might need some advice on moving, I just don't know where to start with 27 years of collected $hit and the whole lifetime of my children's memories.

The house we live in was our first so even the house hunting is a big step, I also need to do repairs on the house. There is just so much involved it is overwhelming. Hubby needs to be there Sept 1st. but he will have to go back and forth for a while (it is only a 6 1/2 hour drive). I'm sure the whole thing will be an exciting adventure.

Anyone in central To Northern NJ looking for a part time job working in a lab PM me. My old boss is desperate and I figured I would help him look for my replacement.

[ryoder]

Congratulations on the job and the move!
It is good to move. I have done it about 12 times in my life. It can open up your mind to new possibilities and new ways of thinking.

[NAP]

I'm so glad to hear that your husband found a good job! This has been such a long ordeal for all of you and you survived it. I hope things will start to improve now.

[Lindagerr]

Thanks all for the well wishes. Selling my first house after 27 years here is going to take a while. Does anyone know anything about bridge loans?

I also need to know what the calculations are for debt to salary ratios for calculating mortgage qualification. There is so much about this process I don't know.

Should we rent for a couple of months while we try to sell our hose in NJ? The relocation package says we have to close on a new house in NY before 9/1/12.

If we could get a second home equity loan on our current house and use it on the new house as a down payment is that a good idea?

I have never taken a business, economics or accounting course so all of this is over my head. I would love to hear ideas and suggestions.


I will use multiples of the real numbers to see if this works.

New salary ...........................~$270,000/yr

current house worth............... ~ $500,000 (In current narket)

Current Mortgage................... ~$150,000 @~6.0%

Current Home Equity loan..........~113,000 @~3.0%

current short term debt............~85,000 @~ 6-15%
(credit cards, cars, etc)


So my questions are, how much of a 3rd mortgage or 2nd home equity line could this person get on the first home? and how much would they be approved for a new mortgage on a 2nd home?

There is a small amount of other income from side jobs and other household members which has a potential of ~ $20,000-$90,000 per year depending on need.

So I would love if one of you business or accounting types could help me with this.

[alleycat]

Thanks all for the well wishes. Selling my first house after 27 years here is going to take a while. Does anyone know anything about bridge loans?

I also need to know what the calculations are for debt to salary ratios for calculating mortgage qualification. There is so much about this process I don't know.

Should we rent for a couple of months while we try to sell our hose in NJ? The relocation package says we have to close on a new house in NY before 9/1/12.

If we could get a second home equity loan on our current house and use it on the new house as a down payment is that a good idea?

I have never taken a business, economics or accounting course so all of this is over my head. I would love to hear ideas and suggestions.


I will use multiples of the real numbers to see if this works.

New salary ...........................~$270,000/yr

current house worth............... ~ $500,000 (In current narket)

Current Mortgage................... ~$150,000 @~6.0%

Current Home Equity loan..........~113,000 @~3.0%

current short term debt............~85,000 @~ 6-15%
(credit cards, cars, etc)


So my questions are, how much of a 3rd mortgage or 2nd home equity line could this person get on the first home? and how much would they be approved for a new mortgage on a 2nd home?

There is a small amount of other income from side jobs and other household members which has a potential of ~ $20,000-$90,000 per year depending on need.

So I would love if one of you business or accounting types could help me with this.

Linda please send your husband ahead and rent an apartment. Please get rid of your home and some of your debt before taking on more. Banks are tighter then tight now in giving out loans. It is hard to close mortages at this point. They do not like to see alot of debt. Credit score guidelines have also changed. You need a higher score then ever. Bridge loans are very hard to come by. Those are usually only done when a house has a contract on it already. Meaning your main resident is under contract by a buyer and you already have a house in mind that is under contract. Now you are moving from one area that cost alot to an area that does not cost as much as far as housing goes. Please use common sense and do not purchase a house that is too large or too expensive since you and you husband are getting older and your needs are very different now.

Honestly with what you say you house value is in NJ and the equity that you say you have in you NJ and his new income you could practically pay cash for a house in Buffalo area. Please try not to incur more debt.