Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Would we be able to get a mortgage ($100,000 or less) to buy a home in Georgia if we currently live and work in Florida? We're renting here, so no mortgage right now.
We are pre-approved for a mortgage in Florida, have great credit, and have $20,000 to put down.
The plan would be to move to the new home this summer and find work once we get there.
Is this even feasible from a mortgage underwriting standpoint? Could they use our current job to qualify us, even if the purchase property address is in Georgia? I guess we could say it will be an investment property, but are lenders even willing to lend for that?
Just trying to get a plan together. We are currently paying $1,100 a month rent and would be able to get our total PITI payment down to around $400-600 max in Georgia based on the homes I see for sale. (we lived in that area for 4 years, so it would be fine to set roots there again)
In case anyone is interested, I called USAA and they said they will loan on a home out of state, but we would have to put 20% down and pay higher points to get the same interest rate.
Also, the home can be in GA, but not in FL (ie you can't live in GA and buy an investment home in FL) Interesting, b/c they also don't write homeowner's insurance in FL any more either.
any lender can do this loan. It would be considered a investment property purchase which requires 20% down. Additionally, investment properties have higher rates so to get a comparable rate to a primary residence mortgage you would have to pay additional fees. Or you can accept a higher interest rate. With 20% down, excellent credit, a 30 year primary residence rate is in upper 3's but on a investment property it would be in middle uppder 4's.
USAA may not write insurance in Fl, but many other companies do.
Wow, a monthly PITI of $400 is absolutely unheard of in Northern Virginia here. Not even for a really crappy 1-bedroom condo. Consider yourself very fortunate.
It's not that hard to do. I did this for my family a few years back. Brought a beautiful house in North Carolina on almost an acre overlooking a lake. For only $173,000. That would not even buy me a one bedroom condo here in Los Angeles. My wife and kids love it. I travel backwards and forwards to work in Los Angeles. Yes I had to put down 20%, but other than that it was not a big deal, even my mortgage rate is real low. I'm guessing the same house in LA-LA-land would cost me close to $1,000,000 if you could find it. Great schools in the city we picked. Weather is nice. Was the best move we ever made. I was paying more money to send one of my kids to private school than my current mortgage costs me. Hell even the utlity bills are lower. Good luck with your mortgage. When I brought my house the market was dropping like crazy, and many brokers where really having a hard time making deals stick. I ended up having brokers offer me some great deals to use them.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
