Son needs to buy a house out-of-state as primary home

[Naseera Mohamed]

My son currently works in Chicago and has not purchased any property yet. He wants to buy a house in New Jersey with a view of moving here next year. Can he apply for a loan for a primary home ? Would appreciate any advice or leads for mortgages. 

Thanks!  

[Chris Wallace]

He may be able to find a solution at credit union vs a big bank. 

Try asking the loan officer if they have any FPR (future principal residence) programs.

It just the type of program your son is looking for, it will count the property as primary residence even though the borrower isn't taking immediate possession. There will be an addendum to the mortgage / affidavit to be signed at closing stating the intent to occupy the residence within 12 months of closing. And the interest rate is usually .5 -1% higher than a conventional loan.

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