Buying In Different State?
Hi all.
What are the requirements as far as buying a house in a different state that you live in?
Before i moved here to arizona i was told i would have to show proof of income here 30 days after i bought the house.
What if i qualify and want to buy 2 houses one here in arizona to live in and one in new mexico to rent?
Sorry for such newbee questions.
If you say you are moving into the house and it is 50 miles from your home. The bank will usually require documentation that you were transferred to another office. (usually done when in the military) Or if you are self employed that you have a new set up in place before you move. They would never require any additional paperwork once you closed the loan. (unless they feel you lied on the application)
Laurie
[addsig]
Quote:On 2005-11-22 17:37, pcazar wrote:
What are the requirements as far as buying a house in a different state that you live in?
What if i qualify and want to buy 2 houses one here in arizona to live in and one in new mexico to rentYou can buy as many properties in as many states as you can afford.
Each lender has its own requirements for creditworthiness, income, and net worth but none will prohibit you from buying an out of state property. You just need to work with a lender that is licensed to originate a loan in the state where the property is located.
As Laurie pointed out, if it’s your primary residence you may have to verify your employment is in that same area.
And as NewKid pointed out, if it’s an investment you can buy wherever you want – providing you qualify.
But keep in mind, the lenders that have good loan programs for your personal residence, may or may not have the best programs for investments. So, you may need to shop around a bit.