Home Buying in Charlotte>Question Details

brnmgr1127, Renter in Lake Wylie, SC

If we are planning on relocating asap to NC, based on our own home selling in MA, can we apply for a primary residence mortgage in NC?

Asked by brnmgr1127, Lake Wylie, SC Tue Feb 26, 2013

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18
Robin Faison’s answer
Hello Brnmgr1127,

So the answer is resoundingly "YES", there are ways to buy a house in another state when you own a primary residence somewhere else. You will still find that paying cash and closing with in 2 weeks will yield you a better price and make your offer more competitive than others on a desirable property. The banks are listing their inventory that they have been holding, so you can find some "good deals".

There is no shortage of good mortgage originators here in Charlotte metro. You will need a pre-approval letter to bid on a house in most cases any way. If your loan is contingent on your house selling in MA, then your house needs to be on the market. I would be happy to recommend a realtor in your area if you do not have one.

Wishing you a great move,
Robin
0 votes Thank Flag Link Tue Feb 26, 2013
be careful there.nobody can help you here or even suggest how you can get financial help.any answer of a loan lender to your question,you MUST ignore,because they are SCAMS…real SCAMS…i was a victim of which i was ripped thousands of dollars….Well thank God for a Christan Loan Officer,I was referred to by my cousin,who is by name,Mr.Smith Jackson Of SMITH LOAN INVESTMENT.They made my life a valuable one,and gave it a meaning.I was approved loan of $31000.00 USD AND IN 48 HOURS after meeting up to their necessary requirements,my loan was deposited in my bank account.Though I was very nervous with the loan firm at the first place due to my previous bad experiences,especially when the issue of me settling the transfer charges came up,I hold on to my faith due to the fact that my relative referred me,got it cleared,and as God should have it.little did I know that my financial shortcomings has come to a final HALT .If not for that quick referal from a relative of that genuine source ,I would have regretted my total life,because at that point in time I just divorced the father of my son,and my son (Kenet) was faced with a ” between life and death ” situation ..I was faced with his hospital bills and was also faced with forclosure at my apartment.Details of the GOD SENT and RELEIVING source won’t be disclosed to you for now, for fear of impersonation ( because it has being discovered that some persons are not really in need of financial help,but are there to impersonate real loan lenders through their phone numbers and email accounts,and acting to be them where necessary to those in real need)…I couldn’t comment on your post because it was a public place and I fear you would fall into the hand of all these fraudulent loan officers (even in US) like how they ripped me off.You must be able to convince me real hard,and provide good proofs,before I can give you the full details of this legitimate loan officer..Their charge is very affordable and reliable compare to many out there,their interest rates just 3%,little documentation,and little credit check(irrespective of your credit score,but you MUST have a good and liable income source) Feel free to email him at his via Email: smithloaninvestment_lender03@yahoo.com ” and you will be free from scams
0 votes Thank Flag Link Sat Apr 6, 2013
I would say yes, But of course your credit score, financial situation has a huge part of this also. I have a great Lender that can assist you when your ready. She will let you know the good , bad and the ugly. Your Debt to income ratio will play a huge part of the equation as well. If you would like to drop me an email at rosec@lakenormanrealty.com I will provide you with detail information to help speed up the process. I look forward to working with you..
0 votes Thank Flag Link Mon Mar 25, 2013
Yes you can apply. Depending on your credit and income, the lender will give you a "pre-appoval" letter and it will show the details of the conditions (also called Stipulations, or "Stips"), to get approved for the loan. So, if you qualify but must sell your home and use the proceeds for the downpayment, then the approval will say so.
0 votes Thank Flag Link Mon Mar 25, 2013
Good afternoon, BrnMgr11127:
Other clients who have relocated to the Greater Charlotte NC area (which includes Lake Wylie, York and Lancaster Counties in SC), were able to get a conditional pre-qualification letter that confirmed that IF/when their house sold, they could go through the loan process and as long as everything they originally disclosed was still accurate, they could get a loan.

Another typical condition is that the borrower has to have a steady income source or, if they are going to be working here, they need to provide an accepted employment offer with a start date that is earlier than the date of closing. Just before closing, the lender will verify with your new HR dept that the you are actually working here. You would not want to actually make application for the loan unless you were comfortable that you could qualify for two loans and that you would go through with the closing even if your MA home did not sell, and then only after you had a specific property selected and under contract. Doing it this way, you would probably need a 20% down payment.

If you wait until your MA home is under contract, you should be able to qualify for a loan with 3.5% or 5% down as a personal residence - as long as you meet the basic criteria in the below Trulia Real Estate Blog..

Generally, the best thing to do is to monitor the market to see what homes are available that you like and that are in your price range, then list your home in MA and when you know it is going under contract, come down and see inside your favorite homes here. If you have a full time agent with a Masters degree in Planning with Finance and over two decades of experience, working for you, you will likely do better in negotiations. I'd be pleased to provide that service. If you appreciate this answer, please give it a thumbs up, or if this was the most helpful answer, please say thanks with a best answer click.
0 votes Thank Flag Link Tue Feb 26, 2013
In order to qualify as your primary residence, your lender will want to see proof that you are really moving here and that you will have a job here that will bring enough income to qualify for your mortgage. You will use the Contingent Sale Addendum as a part of your contract so that should your house in MA not close, you will be able to terminate the contract and get your earnest money back. You still will have to pay all of your expenses (loan application, survey, appraisal, inspections, attorney's fees) but, as long as you terminate within 3 days of your (NC) settlement date, at least you will not lose your earnest money deposit too.

Best success with your move!
Kathleen Turner, ABR, CRS, ePro
Keller Williams Realty
704-609-2688
KathleenTurnerRealty@gmail.com
0 votes Thank Flag Link Tue Feb 26, 2013
Yes, there should be no problem in applying for a mortage for a primary home her in the Carolina's. Most lenders will make it conditional of you selling your home in MA. Depending on your debt to income ratio there may be a problem they can provide that will work. I have a number of local lenders that I can put you in touch with. Many of the lenders I work with have underwriting access locally and that makes all the difference in the world these days. If you would like to contact me directly about this , I can be reached at 704-607-7514. Also visit our website at http://www.carolina-real-estate.com
0 votes Thank Flag Link Tue Feb 26, 2013
You may apply for a loan at anytime in the process. If the lender approves you, he may do so "conditionally" and not really as a full blown approval. This means that the lender may state that you are approved for a loan based upon the sale of your current home (and a realistic predetermined projected sale price).

It is very difficult in this current economy to get a seller to allow you to buy a home based upon your projected sale in another state. New home builders may work with you to do so but will expect a reasonable deposit before you can secure one of their homes.

If you are moving to the Piedmont Region of the Carolinas, whether in the Charlotte Region or the adjoining area, including the northern portions of South Carolina, I would love to assist you. I have a list of lenders I work with here who can answer your questions and give you the best strategies for being positioned to make the move.

Let me know if you would like to receive a "Welcome to the Carolinas!" package from me with some great local maps and directions.

Blessings upon you...
Jan Teel
TEEL Realty
704-641-0267
0 votes Thank Flag Link Tue Feb 26, 2013
Hi,

Yes you can. The first step would be to talk to a mortgage broker and get pre-approved or pre-qualified. Feel free to email or call me. Where from MA are you from, I grew up in MA.

Thanks
Donna Wattinne
Giving Tree Realty
704-305-0941
donnawattinne@hotmail.com
0 votes Thank Flag Link Tue Feb 26, 2013
I'd talk with a loan officer . i'd be glad to give you some numbers. 704-392-0559
0 votes Thank Flag Link Tue Feb 26, 2013
I would talk with a lender, and pre-qualify . I'd be glad to give you some numbers of loan officers. 704-392-0559
0 votes Thank Flag Link Tue Feb 26, 2013
There's a lot of variable that a lender would need to have answers to before they could answer your question accurately.

If you're moving to the Chapel Hill/ Durham/Raleigh area let me know through my profile here on Trulia and I'll supply you with a few excellent local lenders whom you could speak with.
0 votes Thank Flag Link Tue Feb 26, 2013
Absolutely! I would recommend getting prequalified for a mortgage for your new home so that you can look with the confidence of knowing that when you see that perfect home - you can say, "I'll take it" and know that you can!

I would love to help you with your application. I have also provided you a link so that you can apply on line if you like! It's easy!
0 votes Thank Flag Link Tue Feb 26, 2013
What area of NC are you looking to move to? There are certain conditions such as having income and/or a possible job in NC. I would be happy to connect you with a lender. Please give me a call at 704-451-3895.

Debbie Arriero, ABR, CRS,
Arriero Realty, Inc.
mailto://ArrieroRealty@gmail.com
0 votes Thank Flag Link Tue Feb 26, 2013
Absolutely! You may write an offer on a home that is contingent upon your home selling. As far as the lending aspect goes, I have a great lender I'd recommend you could talk to here that would be able to tell you how this scenario would work best for you.

Please email or call me for specific questions or if you'd like help with your relocation, I'd love to help with your move!

John.Siddons@prucarolinas.com

John Siddons
704-458-1843
0 votes Thank Flag Link Tue Feb 26, 2013
Yes you can, I have several lenders I work with if you would like to speak with one. I also have great charlotte relocation packages that I can send to you. Simply email me your mailing address. My email address is charlottehomepro@gmail.com
Web Reference: http://Www.jonnyagent.com
0 votes Thank Flag Link Tue Feb 26, 2013
yes you can but i would suggest you get pre-qualified prior to any changes and know where you stand

BUYING A HOME

Start the process right 1st by talking to a Licensed Mortgage Professional to determine who much home you can afford and whether you are credit wordy and is there an ability to repay the loan.

The Mortgage Professional will give you a conditional approval letter to take to the realtor.

Once the realtor has found your home you should get it inspected to determine if it’s structurally safe (have the realtor recommend one locally) and be sure to ask your realtor to negotiate a home warranty paid by the seller.

Now is the time to determine and negotiate you rate and terms with the Loan Officer who is responsible to order an appraisal that you will be responsible to pay for prior to the arrival of the appraiser.

You’re Mortgage Professional / Loan Officer will be responsible to guide you the rest of the process and should not take more than 30 days.

DURING THIS PERIOD DO NOT TAKE ON ANY ADDITIONAL DEBT UNTIL THE LOAN IS CLOSED AS YOU WILL BE DENIED THE LOAN.

Wherever you're located in this nation, you can trust you're working with a reputable mortgage banker - not a fly-by-night operation. Here's why.

Bank of England is partners with every major investor on Wall Street; allowing us to provide the best rates and terms on all mortgages.

We are approved by the Better Business Bureau and Bank of England /ENG Lending is the only mortgage bank among its competitors that is owned by a FDIC insured bank and did not need government bailout to remain solvent.

Bank of England loan officers don't simply facilitate the loan process; they act as "financial advisors," helping clients assess their finances on a larger scale. Whether you're self-employed and need a low-doc mortgage loan, or you're searching for the best rates on a jumbo home loan, your loan officer is here to find your perfect solution.

Get the facts about home mortgages from the experts at ENG Lending. Learn about different types of home mortgage loans and what to expect during the mortgage application process. Plus, find information about the current mortgage market and which mortgage myths you should never believe.
Let ENG's experienced Mortgage Bankers help you find a solution for your financial needs. My name is Lowell contact me at (972) 646-2411 so we can discuss your situation in private. Benefit from my 21 years of experience answering the most common mortgage questions.


Lowell Sterling
Loan Officer
NMLS# 968898
LSterling@englending.com
16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
Office: 972-646-2411 | Cell: 214-418-7022 | Fax: 214-614-4637
Bank of England /dba ENG Lending: NMLS# 418481
0 votes Thank Flag Link Tue Feb 26, 2013
Sure you can. As soon as you get a non-contingent offer on your house you can then write an offer as non-contingent on a property here. Start speaking with a local lender to get a preapproval and find a Realtor to start getting listings from. Good luck.
0 votes Thank Flag Link Tue Feb 26, 2013
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