Can Out of State Buyers Get Loans?

LoveInTheHouseMay 20, 2011

What does a buyer need to do to get a loan when he's moving to another state and is self-employed and has to restart his business? How much does he need to put down? Are they even giving out those loans anymore? Thanks!

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brickeyee

If you go well over 20% down (30% to 40%) you will get significant relief on underwriting.

Having to restart a business is going to raise flags since it makes the previous business no longer a reliable way to assess income.

    Bookmark   May 21, 2011 at 10:19AM
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LoveInTheHouse

Thanks!

    Bookmark   May 22, 2011 at 10:54PM
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pamghatten

He doesn't actually then have a business nor does he have income, so he won't get a loan based on income from a different state and different business.

    Bookmark   June 1, 2011 at 1:49PM
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brickeyee

"He doesn't actually then have a business nor does he have income, so he won't get a loan based on income from a different state and different business."

It is going to be hard, but if you put enough down you can usually find a lender.

    Bookmark   June 2, 2011 at 4:03PM
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