Mortgage Requirements On Home Purchase For Remote Workers

The COVID-19 outbreak and pandemic have made many employers require their employees to be remote workers. Remote workers no longer have to report to a brick-and-mortar location. Remote workers no longer have to live close to their workplaces. They can move anywhere in the United States. This is creating a mass exodus of people from high-taxed, high-crime states like Chicago, New York, California.

Remote Workers Priced Out Of Housing Market Can Buy A Home In Lower Taxed States With Affordable Housing

For example, California has the highest home prices in the nation. Higher-income wage earners in California can not afford homes nearby major cities like Los Angeles, San Diego, San Francisco. Some wage earners that make over six figures can ever afford to purchase a home in California. However, being a remote wage earner for a California employer benefits the employee to relocate to a different state where home prices are affordable. The average home price in California is $648,000. This price is double the national median home price of $465,870.

Remote Workers Buying Homes in Areas With Low Taxes and Affordable Housing

The coronavirus outbreak in the United States last year has changed the way we work. A large percentage of employers have changed the way their employees work. Many workers no longer have to report to a brick-and-mortar location. Many jobs are now remote jobs. Remote workers no longer have to report to a brick-and-mortar location. Remote workers can live anywhere in the United States. This is a great benefit for employees because they can purchase a home in any state.

Remote Workers Moving To States With Strong Growing Economy With Affordable Housing

High-taxed states like California, New York, and Illinois are losing tens of thousands of taxpayers because they are fleeing to other lower-taxed states with affordable housing such as the following states:

. Many people in California who gave up on ever being able to own homes can now realize the dream of homeownership becoming a reality by moving to other states with affordable housing.

The Exodus of City Dwellers to Suburbs

Many big cities like Los Angeles, San Francisco, Chicago, New York City, and others have been spending more than they are raking in revenues. This will get worse with the substantial decrease in tax revenues. More and more families are now making a mass exodus from large cities due to their employers giving them remote job opportunities. They are able to work in less congested and less expensive areas. More and more employers are offering their employees remote job opportunities. Recent data show 14 to 23 million families plan on moving out of major cities to the suburbs.

Top Reasons Remote Workers Move

Part of the reason for the mass exodus of large cities to the suburbs is due to employers offering remote job opportunities to their employees due to the coronavirus pandemic. Remote jobs seem to be the new norm for wage earners. Employers benefit from converting employees to remote wage earners.

Employers Turing More Into Remote Workers In The Future

This means lower overhead such as not paying for rent. Rent is one of the biggest expenses for employers. Mortgage rates being at historic lows is another motivator for workers to pull the trigger in buying a home. The ability to move to lower-taxed states with affordable housing enables families in high-taxed states like California, Illinois, and New York the opportunity to become homeowners.

Remote Workers RentingR Priced Out of The Housing Market Are Moving To Other States To Buy A Home

Many Californians have been priced out of the housing market. This holds true for high-income wage earners. However, with employers giving employees the opportunity to become remote wage earners, many Californians are moving to lower-taxed states with affordable housing.

Remote Workers Buying Homes In Areas With Low Taxes: Planning a Move? Get Prequalified Now

Planning a Move? Get Prequalified Now

If you’re a remote worker looking to move to cheaper housing, you may face some stiff competition from other homebuyers looking for the same thing. You can get ahead of the competition by presenting a credit-approved offer. This means you have submitted an application and all required documents to a mortgage lender and been issued a preapproval letter. This means that as long as the property meets the lender’s guidelines, you should be able to close. A pre-approved offer is almost as good as a cash offer. 

Types Of Mortgage Lenders And Loan Programs

CLN Mortgage is a mortgage lender licensed in multiple states. It is obvious to see the mass exodus of Chicagoans flee the city to the suburbs and/or other lower-taxed states with affordable housing. CLN Mortgage has a reputation of being able to originate and fund loans other lenders cannot. We have a national reputation for our no-lender overlays on government and conventional loans. Over 75% of our borrowers are folks who could not qualify at other mortgage companies.

CLN Mortgage No Overlays Lender With No Overlays

If you were told no by other mortgage companies and you meet the minimum agency mortgage guidelines, please contact us at Capital Lending Network, Inc. at 262-716-8151 or text us for a faster response. Or email us at The team at Capital Lending Network, Inc. is available 7 days a week, evenings, weekends, and holidays.

Peter has 7+ years of experience in residential lending. He is a licensed Realtor in the Chicagoland area.

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