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Updated almost 8 years ago on . Most recent reply

User Stats

38
Posts
14
Votes
Frank Schwarz
  • Gila Bend, AZ
14
Votes |
38
Posts

Financing An Out of State Purchase

Frank Schwarz
  • Gila Bend, AZ
Posted

I'm getting a few answers about financing an out of state purchase.

I want to buy out of state but a mortgage broker said I should be in the state.

I have 20% down and the numbers will work great.

We just sold our main home and used the proceeds to pay off every debt minus college loans. 

Credit is fair at 650 to 670 (it keeps changing because we just paid everything off within the last 45 days.)

Frontend debt ratio: 6.29%

Backend debt ratio: 13.43%

This will be a rental unit (not sure if that matters).

Are there any rules I haven't heard about that would stop anyone from considering a mortgage? 

I appreciate the help!

Most Popular Reply

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2,377
Posts
747
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Harjeet Bhatti
  • Lender
  • Glenview IL- CDLP NMLS#230554
747
Votes |
2,377
Posts
Harjeet Bhatti
  • Lender
  • Glenview IL- CDLP NMLS#230554
Replied

I don't see any reason why can't you buy investment in other states. Try to find out bank who  are  lend in all states.

  • Harjeet Bhatti
  • Loading replies...