Posted on: 08th Feb, 2009 01:28 pm
I am interested in purchasing a home in Arizona, but live and work in Pennsylvania. Are there any limitations to consider when when doing this?
Hi tmberger,
The limitations may vary from one lender to another. I believe you should start loan shopping. While you do so, you'll come across the eligibility criteria with each lender. Also, you'll get to know whether lenders have any limitations in offering loan to somone who's working in one state and buying property in another.
What you can do is, go for a no-obligation free mortgage consultation with the lenders in this community. They'll help you explore various loan programs so that you can choose the best.
Take care
The limitations may vary from one lender to another. I believe you should start loan shopping. While you do so, you'll come across the eligibility criteria with each lender. Also, you'll get to know whether lenders have any limitations in offering loan to somone who's working in one state and buying property in another.
What you can do is, go for a no-obligation free mortgage consultation with the lenders in this community. They'll help you explore various loan programs so that you can choose the best.
Take care
Most companies allow you to purchase a home in another state. The question is, would it be considered your primary residence?
It could be a second home or investment property. In those cases you would have to put down more $.
You have to prove that you would live in the property to have it considered a primary. Lenders like to make sure you will have a job where you are living. If you are just transfering to the other state with your current employer, generally that is acceptable. If you are transferring to the other state with a different employer, sometimes they like for you to have started working so they can verify employment. The concern is you could move and something could happen and you won't start working, whether it be you decide not to work there or the employer decides not to hire you.
the best thing to do is to consult a lender that you would be willing to go with for the loan. Each lender is different so I would consult with the lender that you think you would utilize for the transaction and get prequalified.
It could be a second home or investment property. In those cases you would have to put down more $.
You have to prove that you would live in the property to have it considered a primary. Lenders like to make sure you will have a job where you are living. If you are just transfering to the other state with your current employer, generally that is acceptable. If you are transferring to the other state with a different employer, sometimes they like for you to have started working so they can verify employment. The concern is you could move and something could happen and you won't start working, whether it be you decide not to work there or the employer decides not to hire you.
the best thing to do is to consult a lender that you would be willing to go with for the loan. Each lender is different so I would consult with the lender that you think you would utilize for the transaction and get prequalified.
Thanks for the information
as long as you deal with a lender who is licensed to originate in the state you are making the purchase in, you're okay with that lender.
many mortgage companies are licensed in all 50 states. this allows us to do business with our friends and family members who may have relocated to other locales. once you develop a lender-client relationship, it makes sense to keep it. state lines shouldn't prevent that.
many mortgage companies are licensed in all 50 states. this allows us to do business with our friends and family members who may have relocated to other locales. once you develop a lender-client relationship, it makes sense to keep it. state lines shouldn't prevent that.
