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Can Out of State Buyers Get Loans?

Posted by LoveInTheHouse (My Page) on
Fri, May 20, 11 at 23:22

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!


Follow-Up Postings:

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RE: Can Out of State Buyers Get Loans?

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.


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RE: Can Out of State Buyers Get Loans?

Thanks!


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RE: Can Out of State Buyers Get Loans?

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.


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RE: Can Out of State Buyers Get Loans?

"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.


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