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!
Carlos J. Ramirez, PC, ABR, CNE
Associate Broker/Realtor, HomeSmart -
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!
- 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.
PAUL WELDEN PLLC
Exclusive Buyer's Agent
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.
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
Good luck with your home purchase!
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.