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I dont know how this would work or if this is feasible, but I wanted to know what my options are anyhow. My wife and I currently rent in NJ and are considering moving to NC as soon as I find a job in the area. I'm an accountant. We have visited NC several times and have a good idea of where we would like to live. Renting in NC before buying a home would be our preference, but not absolutely necessary. Anyhow, would it be possible to buy a home or have a new home built in NC while living/working in NJ? Would we be able to get a mortgage/financing while living and working in NJ? This actually would be our first home, but for financing purposes would this be considered a 2nd home since we would be living/working in Jersey and the home would be in NC? We are planning on putting down 50 -75% down and have good credit. Would this be considered a 2nd home? Again, I only am asking to ascertain what our options are and if this can be done. Thanks!
I dont know how this would work or if this is feasible, but I wanted to know what my options are anyhow. My wife and I currently rent in NJ and are considering moving to NC as soon as I find a job in the area. I'm an accountant. We have visited NC several times and have a good idea of where we would like to live. Renting in NC before buying a home would be our preference, but not absolutely necessary. Anyhow, would it be possible to buy a home or have a new home built in NC while living/working in NJ? Would we be able to get a mortgage/financing while living and working in NJ? This actually would be our first home, but for financing purposes would this be considered a 2nd home since we would be living/working in Jersey and the home would be in NC? We are planning on putting down 50 -75% down and have good credit. Would this be considered a 2nd home? Again, I only am asking to ascertain what our options are and if this can be done. Thanks!
Gary
Gary,
Your post is all about the funding, and you should consider posting it in the Mortagage forum.
Also, you just flashed a LOT of money, probably unwisely.
At 50%--75% down, you can make a lot of "friends," and you might prefer to keep details like that to yourself.
If I were you, I would contact a mortgage company and ask about buying a vacation home in NC because you love it there and will spend your vacations there and eventually hope to move there. Maybe it would be considered as a regular loan since you have no other home. But, insuring it may be difficult. I think your idea to rent first is really the best idea.
I'm in the same boat. I also currently rent in NJ and am in the process of buying a home in MD (if I can through the last minute appraisal BS I'll close next week). Not sure if it would be the same in NC, but I was able to put my loan app through as a primary because the house will be owner occupied within 6 months of closing.
I would also recommend speaking with a local NC mortgage broker or lending institution before you start looking as they will know all the nuances of financing in that particular market. From personal experience it can be done, but it hasn't been as smooth of a process as if I were purchasing a home in NJ so expect some speedbumps along the way.
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