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buying a home in another state?

I want to purchase a home in another state, and then move their permanently. What is the process? my first home will no longer be a primary residence so how will that affect my first mortgage? by jessica938@mymail... from Hoboken, New Jersey. Nov 23rd 2010 Reply


Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions

Are you planning to sell this residence or use it as a rental?

Nov 24th 2010
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JENNIFER URANGA (JennatAmerifirst)
#42 ranked lender in Arizona - 40 contributions

The process is the same for purchasing a home from out of state as it is for anything other time. The lender that you use to finance the home in the other state will need to document that your employment will continue once you move but other than that it is the same. How much of a mortgage you qualify will depend on your debt to income ratio.You have two options on how to claim your current home. The first is to claim it as a second home. Your income will need to be able to cover both payments. The second is to turn your current home into a rental. Depending on the lender you use for the new home you may be able to have your current home ready to lease and have the deposit from the renters and use the rental income to off set your debt to income ratio giving you more buying capability for your next home.Bottom line is that you will need to have good credit and know what your goal is for the home you live in now before you get financed through the lender you will use for the second home. I hope this information helps. If you have more questions you can contact me and I will be happy to help even if I can't do your next loan.

Nov 24th 2010
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Rudi Hofmann (CaPortfolioLoans)
#278 ranked lender in California - 380 contributions

This should't affect your current mortgage. ... On your purchase you'll need enough income to maintain acceptable debt to income ratios for both housing payments. ... Happy funding, Rudi

Nov 24th 2010
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