Home Buying in Queens>Question Details

Rich, Home Buyer in New York

if i live in one state and wants to buy a home in another will i be able to get an FHA loan?

Asked by Rich, New York Mon Aug 29, 2011

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You can get a FHA mortgage if you will be living in the house as your primary residence. You will also need to write a letter explaining what you are doing. Let the underwriter know about your job. If it isn't in NY (or commutable distance), they will want to know how are you going to work. If it is a new job, you will need to provide a copy of their offer to you and contract (if applicable).
If you plan on buying a coop, your realtor will let you know which Boards will consider you.
1 vote Thank Flag Link Tue Aug 30, 2011
You do not have to be a first time homebuyer for FHA financing... however FHA does have a loan limit, for 1-unit properties in Queens County, NY it's $729,750 but it'll be lowered to $625,500 come October 1st.

You also must live in the home you are buying with FHA financing, and if you are buying in another state then you will need to be able to justify why you would be living in another state as your primary residence, such as if you are getting a job transfer, etc. You will also need to have qualifying income, which if you are getting a job transfer, your income transfers with you... but if you are starting a brand new job then before you can close on the home you will need to provide evidence of your new job and in most situations a paycheck stub too. If you are self-employed then you will need to prove how your business will still be profitable with you moving to the new location, and if you have other sources of income (investments, etc.) that can be documented and those can qualify on it's own then no further employment & income documentation would be needed.
1 vote Thank Flag Link Mon Aug 29, 2011
Yes you can get a FHA loan as long as it's your primary residence and the amount is less then what your loan officer or bank states you should not have any problems...
0 votes Thank Flag Link Tue Aug 30, 2011
thanks Lydia. I look forward to helping you out!

It's more than real estate. it's RAYL-Estate!

Brian Rayl
Keller Williams Elite - Dallas, TX
972-949-4222
Brian@Rayl-Estate.com
http://BrianRayl.com
0 votes Thank Flag Link Mon Aug 29, 2011
Thank you Brian. I lived in Houston years ago. If I come close to Dallas,Ill give you a shout :)
0 votes Thank Flag Link Mon Aug 29, 2011
As long as you are planning on moving to the new state and plan on living in the home as your primary residence, and meet all of the other FHA qualifications, absolutely you can.

If you are looking to move to the Dallas, TX area, give me a call. =)

It's more than real estate. it's RAYL-Estate!

Brian Rayl
Keller Williams Elite - Dallas, TX
972-949-4222
Brian@Rayl-Estate.com
http://BrianRayl.com
0 votes Thank Flag Link Mon Aug 29, 2011
Yes.As long as your a first time home buyer.
0 votes Thank Flag Link Mon Aug 29, 2011
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