Physical Presence Requirements for Mortgage & Purchase

1 Reply

I am starting to lay ground work for buying an investment property sometime in the next six months. I work out of country and am in the US for only about 30 days throughout the year and that is either for holidays or for work trips.

How much of the financing and closing will be possible from abroad? I have purchased a home previously as primary residence and I remember that much of it required physical presence at the bank.

For what it's worth, I don't foresee any trouble with loan approval. I have enough cash on hand for a down payment and my annual income is stable at about three times the loan amount I will be asking for. I have a very strong credit history. I haven't started the process of pre-approval yet because I want some more pieces in place first so that I don't have to redo it later.

Thanks for your thoughts.

I bought my primary residence a year ago through a bank in SC. I never stepped foot in one of their branches. They didn't even have a branch within 500 miles of me. 95% was done via e-mail. Basically scanning documents back and forth. The other 5% were VERY short phone calls when I needed an explanation about something. I did the closing at the builder's office. I just bought a property in Memphis, I live in Maryland that everything was done via e-mail. The closing attorney overnighted me the closing docs, I signed and sent them right back. So you don't need be physically anywhere to close on real estate anymore thanks to technology.

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