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can you e a first time buyer if you buy a house out of state

by mmichaud99996 from Southington, Connecticut. Mar 9th 2015 Reply


Dotty Owens (do1025)
#25 ranked lender in Connecticut - 18 contributions

Hi MMichaud99996, no you cannot be a first time home buyer if you own a home out of state. You are only allowed that distinction if you haven't owned a home of any kind for at least 3 years. With the Conventional and FHA programs that are available today, you are allowed to put as little as 3% down on an owner occupied property. If you own a property out of state, you must be prepared to qualify 100% of the mortgage payment on your own unless you have 30% equity in the property and it is verified by a BPO or a desk appraisal from the lender. Good luck. If you have any other questions, please feel free to call me at 800-624-2427. Dotty Owens C.U. Members Mortgage Corp.,

Mar 9th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

Yes, but you cannot buy it as owner occupied if you don't live in it as your primary residence, and for most lenders, they will not allow you to purchase an investment or 2nd home if you don't own a primary residence. Not saying it's impossible, but it will be difficult to find that one investor.. for this reason, I suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Mar 9th 2015
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

Unless, unless you are in the military and getting a VA loan, OR it is commuting distance from your job it would likely be considered a vacation home requiring 10% downpayment. I have no trouble financing a vacation home if you do not own a primary residence.

Mar 9th 2015
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