Home Buying in 27526>Question Details

Rpeterson77, Home Buyer in 27526

I am moving from CA to 27526 area and am a first time home buyer. Can I buy before I get there w/o it being considered a vacation home?!?

Asked by Rpeterson77, 27526 Wed Apr 20, 2011

I would like to have everything dealt with and settled prior to my move. The move itself will be stressful enough. Can I do an FHA loan for first time home buyer while I am still technically a resident of CA for the next 2 months? Can I use a friend out here that is a mortgage broker or do I need to find one in NC?

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When we moved from N. J to NC 18 years ago I exployed several office spaces to give me an excuse to return often. I have returned ONCE, for a corporate retirement function, soon after the move an d haven't been back since. We love N.C.and the area in which we live.The Sunset Lake Community is a wonderful place to live and raise family,casul Southern living in a sofisticated, convivual, atmosphere. It offers beauty and nature, with large lots and elegant homes and is in the 27526 area .Appoxometly 140 homes sorround 115 acre Sunset Lake, the boathouse. dock, sunning/fishimg platforms, scenic dam and waterfall and a large beautiful clubhouse owmed by the home ownwers and always avaliable for Adult and children activities. Several of our neighbors were drawn to the area from LA and Orange County!

Of interest Sunset Lake is nearly as old as our our Country, older than California! .The lake was established in 1822 and is known as the most beautiful lake in Wake County and if fact once supplied water to the city of Raleigh.

The Sunset Lake community provides all the anemities to call it self a private resort but is within 30 minutes of Raleigh, Research Traingle Park and 45 Minutes of Durham (Duke), Chapel Hill (UNC). Of course the mighty Wolfpack of NC State University is in our backyard just 20 minutes away.

In addition to all the above, my home in this fabulos community is offered at less than half the price of equal facilities in Calififarnia. I am not comparing to Rodeo drive either!! Due to Family needs and Father Time we are moving to be near family and a precious new Grand Daughter!

Please see trulia.com., 4817 Kingpost Dr., Fuquay Varina, NC 27526 only $ 400,000
0 votes Thank Flag Link Mon Jul 16, 2012
If you are moving within the same company or taking a job in the same field it should not be an issue. The 2 months shouldn't be any problem either, since it will take about 30 days to close the loan.
0 votes Thank Flag Link Fri Apr 22, 2011
BTW: I moved here from California in 1991 and I love it here!
Web Reference: http://www.natewolf.com
0 votes Thank Flag Link Thu Apr 21, 2011
Your friend could do your loan, but their company must be licensed to do business in North Carolina. Otherwise the friend could make a referral to a lender in North Carolina, and then they could probably get a referral fee. If you want a lender, I recommend Tony Ruff of New American Mortgage. http://www.tonyruff.com

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Nate Wolf was recently named a FIVE STAR REALTOR by Charlotte Magazine. He is a top producing real estate sales broker, representing both buyers and sellers. He is a member of the National Association of Realtors, The Charlotte Regional Realtors Association and the Carolina Multiple Listing Services. He is licensed in multiple states and serves all areas of Metro Charlotte from Lake Norman to Lake Wylie and Uptown / Center City to SouthPark and Ballantyne.

http://www.natewolf.com
charlotte mls realtor home listings
http://www.CLThome.com
Web Reference: http://www.natewolf.com
0 votes Thank Flag Link Thu Apr 21, 2011
Congratulations on your move from CA to NC! My family moved here from San Francisco nine years ago and it's been a great decision for us! In fact 40% of my real estate business has been helping families move here from other states and folks are happy they moved here and that they worked with us for their NC home!

You are also asking all the right questions. The answers - like so many in Real Estate - is "quite possibly, but it depends". If you will be working with the same company it is quite likely you can purchase the home before you relocate. The advantage of that approach is that the moving vans can pull right up to your new home and you only have to move once (versus renting for a while, putting most of your belongings in storage, and then moving again into your permanent home). I recently worked with a Home Buyer moving from San Jose, CA and she moved directly into her new home - *so much less stressful* than the other way!
Regarding using a CA friend for your loan, there are pros, cons and legal necessities. Your friend would have to authorized to write mortgages in NC, for example.

I'm happy to email you our Relocation Guide to this area, if that would be helpful - just request it thru our website (address below) And welcome to NC!
0 votes Thank Flag Link Thu Apr 21, 2011
YES YOU CAN. As long as your lender allows it. I had a client move to Charlotte this year from Michigan. She had a letter of transfer from her job. But even without this the lender's actual approval letter stated that she had to start her new position within 60 days of moving here. So, if you have a job waiting for you here, then you just need to show you will be employed within a short period of time of your move.

We have special programs in NC for First Time Homebuyers. Including down payment at ZERO PERCENT INTEREST for up to $8000 toward your downpayment. PLUS an ANNUAL tax credit of up to $2000 PER YEAR that you have your mortgage!

Contact me if you'd like more information, or to get started on the loan and hot properties available!

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If you liked this post, GIVE ME A THUMBS UP!
____________________________________
Nate Wolf was recently named a FIVE STAR REALTOR by Charlotte Magazine. He is a top producing real estate sales broker, representing both buyers and sellers. He is a member of the National Association of Realtors, The Charlotte Regional Realtors Association and the Carolina Multiple Listing Services. He is licensed in multiple states and serves all areas of Metro Charlotte from Lake Norman to Lake Wylie and Uptown / Center City to SouthPark and Ballantyne.

http://www.natewolf.com
charlotte mls realtor home listings
http://www.CLThome.com
Web Reference: http://www.natewolf.com
0 votes Thank Flag Link Thu Apr 21, 2011
Hi Rpeterson77;

It is my understanding that you need 30 days of Paystubs from the new job locally to qualify for an FHA loan. There is an option I am discussing with a very talented Mortgage Broker here locally in NC I work with all the time and am meeting with them later today to discuss further. I would be honored to assist you in your home search locally and have helped buyers save thousands. When I have more info on the mortgage option(s) I will send another answer.
0 votes Thank Flag Link Thu Apr 21, 2011
Hi Rpeterson77,

FHA security instruments require a borrower to establish bona fide occupancy in a home as the borrower's principal residence within 60 days of signing the security instrument, with continued occupancy for at least one year.

So, the answer is yes, as long as you can meet ther requirements stated above and you have a job offer in NC or a stable source of income, like retirement or disability. If it is a new job, you must begin employment within 60 days of the loan closing.

Best wishes,
Elva Wormley
Cobalt Financial Corporation
0 votes Thank Flag Link Wed Apr 20, 2011
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