Home Buying in Phoenix>Question Details

Gatorpits21, Home Buyer in Phoenix, AZ

Can I buy a house with a FHA loan before I move to that state.?

Asked by Gatorpits21, Phoenix, AZ Sun Feb 21, 2010

I am moving to Phoenix in 2 months and want to buy a house instead of rent. I want to get an FHA loan. The lender in Mesa that I talked to said shecan get me approved but I have to be living in AZ first. It would be easier for me to buy but she wants me to rent first. Is there any way I can buy a house before we move to AZ with a FHA loan?

Help the community by answering this question:



You would need to occupy the home within 60 days of closing to qualify for owner-occupied financing - otherwise it becomes an investment property.

As others had stated, lenders want to make sure that you'll have the ability to generate income in your new location so an employment contract or letter from your new employer would be required. If you're self-employed I would need to discuss that with you to determine what might be needed.

I do a large volume of FHA loans nationwide and would be happy to be of help to you. If you're not pleased with your present lender or simply want some other opinions, just let me know and I'll shoot back my answer to you as quickly as possible.

Best wishes in your new job and happy househunting! Let's keep in touch!

2 votes Thank Flag Link Mon Feb 22, 2010
Most probably you can, as long as you have a stable source of income in AZ and you move to the new house within 60 days. Also please note that if you have low credit FHA will require a higher down payment.

Carlos J. Ramirez, PC, ABR, CNE
Associate Broker/Realtor, HomeSmart -
1 vote Thank Flag Link Mon Feb 22, 2010
This shouldn't be an issue if you have "proof" this will be your "Primary" residence and not a rental or investment property.

A letter from your employer stating the dates you'll be starting in AZ, DMV record showing you're in the process of changing over to that State, etc.

If you look at Short Sale properties, the timeframe to get an approval and close escrow can be anywhere from 1-9+ months. You may have to rent until the property actually closes.

Another option is to look at homes on the market by investor's, also known as "flippers". You may be able to negotiate a longer escrow period with the investor more so than a lender.

Standard sales with actual current "owner" occupancy that have equity will sonetimes extend the escrow period, again, if you have a strong offer.

Best of luck!
1 vote Thank Flag Link Sun Feb 21, 2010
Short answer is yes you can. There would be a couple stipulations that would need to be met in order for you to qualify for an FHA loan. And as the agents below stated, the two biggest are going to come down to:
- When you will be opccupying the home?
- Employment in the state of AZ.
I am a mortgage banker that works locally here in the Phoenix area and would be more than willing to help however I can. E-mail me with a time when we can speak further and we can go through the details. Best of luck to you. I look forward to hearing back from you.

Kevin Kelly
Mortgage Consultant
AmeriFirst Financial
0 votes Thank Flag Link Mon Feb 22, 2010
You should be able to obtain an FHA loan if you can prove you have employment in AZ and that this property will be your primary residence.

Exclusive Buyer's Agent
0 votes Thank Flag Link Mon Feb 22, 2010
Thank you everyone for your answers. I was would really like to put my money in a form of a down payment to buy a house rather than to rent one. My concern on this issue is that I have 3 American Pitbull Terriers and its a little difficult to find a good house for my dogs. Thanks again.
Jeff I emailed you a little bit ago about the down payment program. I would really like to get a hold of other lenders. Considering i've talked to only one.
Thanks everyone
0 votes Thank Flag Link Sun Feb 21, 2010
Dear GatorPitts:

Good question and Welcome to Arizona! Many people get a loan as they move for a new job and have to buy a home. Good idea to get your conversations going with a lender as you already have.

If you show continuous employment, have a new job lined up and have a good credit score you should be ok.

Don't rule out the Homepath loans also through Fannie Mae. They have a 3% down, no pmi, no bank appraisal and closing costs can often be covered. Right now Fannie Mae has a 3.5% of closing cost and/or appliances. There is also up to 22% of the purchase price from the State of Arizona for for the purchase of a bank owned home. This all on top of the Federal Tax credit for contracts by April 30.

Ask your lender about all of these or me.

Regards, Jeff Masich

Arizona Homes and Land
0 votes Thank Flag Link Sun Feb 21, 2010
Yes you can. I recently had a client that his employer was transferring him to Phoenix and the lender accepted the letter as gainful employment. As long as you occupy the home within 60 of closing and it is your primary home, you will be ok. If you would like to talk to a local lender and get all the info you need to make a decision I would be happy to supply a couple of really good lenders in the Phoenix area.

Good luck with your home purchase!
Web Reference: http://www.tleerealty.com
0 votes Thank Flag Link Sun Feb 21, 2010
The looming question should really be whether or not you have employment lined up in Arizona? Lenders today are all about only doing loans that make logical sense to them.

I have two different buyers that will get keys this week and move in right away. Both are coming from out of state and we arranged everything to work out so they are buying and moving in right away.

One of them is using FHA financing just like you ask about.

It seems we could put a plan together to meet your desires.
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Sun Feb 21, 2010
Your employment status will probably be the biggest issue. What are your plans regarding employment?
0 votes Thank Flag Link Sun Feb 21, 2010
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