Buying a home out of state

[kdawg]

Originally Posted by banker0679

You're asking for a home loan and will not have any income?

Whether it's a primary, secondary, or investment.....I think 99.9% of the mortgage lenders require a source of income!


If you plan to buy the home now...you will need to qualify with your rent...and the new mortgage amount. You may need to put at least 5-10% down...and have a high credit score.

Thanks for the reply. To clarify, I HAVE a current income, I'm just not sure if I will immediately when I move next summer. So I will need to get approved based on my current income.

My idea was to call the purchase my second home even though I'm renting now. That way I get approved based on my current income, but then have the option to move into it later when I need to. Will this work?

[renriq02]

Depends on the lender.....most lenders will required the 2nd home to have a vacation like description.

such as lake home, beach home, ski resort nearby, etc

Otherwise it maybe declared an investment home.

Originally Posted by kdawg

Thanks for the reply. To clarify, I HAVE a current income, I'm just not sure if I will immediately when I move next summer. So I will need to get approved based on my current income.

My idea was to call the purchase my second home even though I'm renting now. That way I get approved based on my current income, but then have the option to move into it later when I need to. Will this work?

[thodgesiii]

hi all!! i am in the military and am stationed in alaska, my home of record is daytona beach florida. theres a house located there that i would like to purchase that is worth 120,000 but is foreclosed on and is selling for 58k now. I would like to get a loan and buy this property and turn around to sell or rent it out. Am i able to get a loan and just buy the house or is there a lot more things to do than get approved for the loan and they deposit the money into my account? how do they pay you? and if its worth 58k can i borrow lets say 80k to fix it up to the conditions i desire?

[akcher]

If you do not have a job in the area, they will look at it as an investment property. Investment properties need 20% down.