Internet lenders are a horrible option...next worse is someone whose neck you cannot physically wring:)

It seems the Real Estate Pros have a lot of time on their hands.

Justin,
maybe go with a struggling mortgage company, you can go to this site
http://www.MortgageGraveyard.com

they may be desperate for more "good" loans.

Justin

We are an affiliate of Wells Fargo home mortgage and do provide financing nationwide. If you would like to speak with someone in the state where you are purchasing....I can refer you to someone in that area if you would prefer. If you deal with someone locally to purchase in another state, make sure they are a national "lender".

Justin,

I work for a real estate investing company and we have investors from across the world contact us and obtain financing. If you are looking to purchase an investment property, we have a lender that we work closely with that specializes in non-owner occupied loans. They are great, offer wonderful loan programs that we have not yet seen beat, and they do more than 90% of our investors loans because of their competitiveness.

I can refer you to them if you'd like! (we don't get kickbacks...they just do a great job!)

Denton Ward
Nationwide Real Estate Investments http://www.nwrei.net
denton@nwrei.net

"If" you really need to shop for a loan outside the Commonwealth, then try the following compnaies. I do not endorse any of these companies, but I do know they've assistanted some of my previous buyers who had troubled credit.

http://www.fullspectrumlending.com
http://mortgage.alloptions.com
http://www.bdnationwidemortgage.com

Just remember... the lender must still be licensed to fund loans in Virginia.

Frank Biganski, Realtor ABR

Don't. Buyers who shop out of town lenders/brokers can easily be approved if they are income and credit qualified. But, can the lender close meaning sell the loan and get it funded. Local direct mortgage companies are the most reliable for getting to the settlement table and with local appraisers, the probability of the appraisal being on target is higher.

Don't. Laws can vary from state to state. Differences can stall the process or ruin the deal!

Why? There's plenty of great lenders in Virginia - keep the money in the Commonwealth. The only reason one would have to go that far to find a mortgage is if you have bad credit and/or a low FICO score.

Frank Biganski, Realtor ABR

Get a loan from a lender you can see face to face if there's a question during the process.

If you would like to work with a bank. I can help you . I work with JpMorgan Chase and I can provide you with more info if your interested.

Don't do it. Get recommendations from the agent who is helping you find a home. Interview these to find a personality match. You need a local lender or bank to work with. I have too many bad experiences with internet lenders...too many junk fees and dropped balls.

Justin:

Jason and Ute have already given you great and correct information. Let me add to also check with large local Federal Credit Unions. They also have some great programs!

Good Luck!

Excellent answer Ute!

Justin -

To second what was already stated, it very important, in my opinion, to find a local lender that you are comfortable with. Check out more than one mortgage broker locally to compare rates and most importantly closing costs. Do not focus on local mortgage brokers alone, it is also advisable that you check with your local banks. Many times lately I have found the best mortgage deal in town to be with a local bank...

Thanks -

Jason

Hi Justin. There's a difference between getting a loan from a lender that is not in the same state as you and using a loan broker that is also out of state. I would want to use a local loan broker who will have access to lenders all over the country. The reason why I prefer a local loan broker is because of accountabiliti. Someone who is local will be more interested in whether the loan goes through than when you go on the Internet and work with a company that's at the other end of the country. The money can come from anywhere, but the person who is the middleman (or middlewoman) should be local. I hope this helps.