Updated about 5 years ago on . Most recent reply
Working From Home - Out of State investin
Given the whole new Working-From-Home culture that Covid has given us, are any investors starting to explore the options of using FHA loans to purchase properties that they "may or may-not" live in, or live in for a year or so and move out later.... Out of State?
Scenario - living in a high priced city, looking to invest out of state, an individual has been told that they will be working from home for the foreseeable future, with this, the individual is looking to relocate to a cheaper market but maintain their expensive city income.... What are Banks doing/looking for now that a person can technically work-from-home but their job be in another state.
For example, the individual recently (say a year or two ago) looked out-of-state at a property but the bank told them that they were not eligible for a FHA loan to purchase it as they lived in another state, with their job being the "proof" that they did so. Now, if one works from home but their job is in another city, how does this situation play out?
Scenario - living in a high priced city, looking to invest out of state, an individual has been told that they will be working from home for the foreseeable future, with this, the individual is looking to relocate to a cheaper market but maintain their expensive city income.... What are Banks doing/looking for now that a person can technically work-from-home but their job be in another state.
For example, the individual recently (say a year or two ago) looked out-of-state at a property but the bank told them that they were not eligible for a FHA loan to purchase it as they lived in another state, with their job being the "proof" that they did so. Now, if one works from home but their job is in another city, how does this situation play out?