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!
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.
Thank you @Harjeet Bhatti
@Frank Schwarz I invest in a state other than my own. I've financed all of my deals (three so far, all commercial loans). As Harjeet mentioned, you can either find a national lender, or you can find a local bank that lends in the area that you are looking to invest. I probably would move away from the mortgage broker and call the banks yourself.
Best of luck.
Shouldn't be a problem finding a lender to lend to an out of state owner. You may need more down money though. May need 25-30%.
Awesome info guys. I greatly appreciate it.
Try some mid-sized or even large banks. OOS financing with small properties can be difficult, so just make sure you have it all lined up before buying.
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