Quick question for future referwnce
Can and will a financial institution lend on a out of state property?
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
Yes
Quote from @Eliott Elias:@Eliott Elias, much obliged.
Yes
Yes, definitely! However, keep in mind that each state has different lending/licensing laws, so choose your lender carefully.
#1 Wholesaling Contributor
- Wholesaler
- Tampa, FL
Hey Michael,
Yes, actually the lenders that I have used are out of state.
Quote from @David Ramirez:Thanks for your input🤙🏼. Is it more troublesome to use out state lenders vs lenders local to the investment?
Hey Michael,
Yes, actually the lenders that I have used are out of state.
#1 Wholesaling Contributor
- Wholesaler
- Tampa, FL
It's about the same. All they care about are the numbers nothing else.
Lender is required to have a NMLS license in the state where the property sits. There are "lenders" on here without licenses. There are nationwide lenders and some who are regional/ banks don't require their lending staff to have NMLS license in each state.
Lender does not need to be in your location. Documentation is uploaded on websites directly. Product rules, ins and outs vary for every lender. State laws for mortgages also have shades of different rules.
Quote from @Tony Severance:@Tony Severance, I appreciate the heads up💯.
Yes, definitely! However, keep in mind that each state has different lending/licensing laws, so choose your lender carefully.
Quote from @David Ramirez:Overstood!
It's about the same. All they care about are the numbers nothing else.
Quote from @Caroline Gerardo:@Caroline Gerardo, thanks for the enlightening insight. So when dealing with a lender should I ask if they are licensed in the state of said property, and if they are not, would you suggest me to find a qualified lender?
Lender is required to have a NMLS license in the state where the property sits. There are "lenders" on here without licenses. There are nationwide lenders and some who are regional/ banks don't require their lending staff to have NMLS license in each state.
Lender does not need to be in your location. Documentation is uploaded on websites directly. Product rules, ins and outs vary for every lender. State laws for mortgages also have shades of different rules.