Married Couple Not Living in the Same State (loan, heloc, Credit Bureau)

[joyvegas]

Hi, my husband moved to Las Vegas last July due to his job relocation.
I have been living in AZ becuase I couldn't sell my home.

I just received an offer, and closing date is the end of July. My husband wants to buy a condo in Las Vegas since the price is very affordable now.
I am not planning to move to LV for a while becuase the job market there is not really good now.

Here is my question. Is it possible to get a loan? I read somewhere if we don't live in the same state, we can not get a loan. I don't think my husband's income is enough to get a loan by himself.

Thanks!

[dad2jules]

Where will you be living once you sell your house?

[joyvegas]

I am planning to rent a condo in Arizona. I really want to keep my current job for a while.

[chet everett]

Same situation in another thread...

One of the respondents said this did not cause lender to flinch a while back, I am not so sure things will be as smooth now.

Might as while try it with the Vegas area offices of the lenders, as they have beat worse than the AZ people

[joyvegas]

Thank you so much for your quick reply, chet everett!

[annerk]

There's no reason it won't fly. None at all. They will take the rental cost into consideration for qualifying purposes. It's the same idea as having a non-occupying coborrower--that is still perfectly acceptable.

[annerk]

I know of at least SIX couples in the same situation, and FOUR have either gotten a new mortgage or refinanced in teh past six months. It's not as uncommon as people seem to think it is for happily married spouses to reside in different states.

[chet everett]

I have no comment on the "happily married spouses living in different state", but I am sure that some times my wife WISHED I lived further away, or in a 'different state of being' than she does

But seriously, I am taking your word that this is not going to freak out lenders. Heck I just got a call back from a HELOC that was questioning why a 'store charge only' was not paid in full, this is for a store that only sells clothing and has only a handful of locations and my wife was lead to believe that it was handled totally in-house. Surprise, they report to the credit bureau. Shoes are no longer fair game for hiding from me...

I used to be able to SMILE and get a new HELOC, now they check everything!

If annerk's lenders are more lax than mine maybe we need to talk...

[annerk]

We all have our own reasons for our arrangements. In several cases it's because one spouse has a great job in another state that they don't want to leave, in others it's because distance makes the heart grow fonder, in still others it's because that's where they could find work in their field, and it's hard to say no to a six figure job in this economy.

[dad2jules]

If both your jobs- you and husbands- can support the expenses there is no reason why not. Sure you will need more documentation than if you lived under the same roof, but it should get done.