Posted on: 27th Oct, 2008 10:36 pm
I am in CA and earn a decent amount of money here and want to buy property in a different state with the intent of moving there as soon as house is bought. I am a first time homebuyer. What are the chances that I could get a loan for property that is not where I live? Because I know that if I buy the property once I've moved to that state, I won't be able to afford it because I will no longer be earning as much.
Hi Guest!
You may get mortgage but it will again depend upon various factors. The lenders have become extremely cautious due to the current market situation. Loans are given to people who have excellent credit history. The lenders will also check your income and employment. If you can qualify in these grounds, you can get mortgage.
Thanks.
You may get mortgage but it will again depend upon various factors. The lenders have become extremely cautious due to the current market situation. Loans are given to people who have excellent credit history. The lenders will also check your income and employment. If you can qualify in these grounds, you can get mortgage.
Thanks.
I'm confused because you say once you move you won't be able to afford the home because you won't be earning as much. Can you explain why you would want to a buy a house if you know in advance you won't be able to afford it?
Buying in a location away from where your job is will raise Red Flags - many UW's will require proof of future employment?
Good Luck
Brian
Good Luck
Brian
