How a California Remote Worker Obtained a Mortgage to Relocate to Boca Raton, FL

Thinking about relocating across the country is one thing, but to actually do it, takes some determination. This individual had his eye on the prize and wanted to start gathering the details to prepare what he would need.

We explained that underwriting will require employment within a reasonable distance of the upcoming home he would be buying. He would be making it his primary home and selling the California property. This was critical as it doesn't matter how good the credit is or what the income is, you cannot work in California and have a primary home in Florida. Since he was worked in technology, he advised he should be able to work from anywhere. All employees in San Francisco or nearby suburbs were required to come into the office at least three days per week. We explained an employment verification would take place at some point before the final loan approval.

This was vital information as now he could go to his human resources department to ensure the relocation could work and he could keep the same employment status. He discussed with HR at the tech company he worked for to learn that the relocation to Florida could be possible, but with a slight modification. The employer preferred staff to be close by, but would allow individuals to move outside the area if the choose and agreed to a salary reduction. In his specific case, the employer would reduce his income by 10%.

He understood his gross income may decline a small amount, but he also would not have state income taxes living in Florida. This nearly counterbalanced each other, and the overall housing situation would be significantly better in Florida.

Afterall, he had spoken to his former colleague who did the same move previously and was very happy living in Florida. And, he knew that many people in various industries were leaving California for different reasons. One of the top reasons was the cost of housing, and what you actually got for the price you paid for a California home.

He liked living close to a big city and decided he would move to Boca Raton which is a beautiful suburb in South Florida. It's fairly close to Fort Lauderdale and within an hour of Miami. Boca Raton has really grown over the past 20+ years and seen a great amount of development, increase in population, restaurants and overall quality of life. More than half of the properties including homes, townhomes and condos in Boca Raton were in HOA communities. This was another item that would need to be factored in as a mortgage underwriter will review the monthly expenses including principal, interest, taxes, insurance and the HOA payment if that is applicable.