Question Details

Jit Tamang, Home Buyer in Charlotte, NC

can i get financing from bank? but i am buy ing out of state?

Asked by Jit Tamang, Charlotte, NC Tue Jul 31, 2012

i live in philadelphia pa but try to buy house in nc charlotte city.how can get loan from any where?

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1
Real Estate Wise’s answer
Your location will not prevent you from getting a mortgage. However, it will prevent you from getting a mortgage as an owner occupant. You may be able to qualify for a second home mortgage, if it is a vacation home or an investor loan if you are intending to rent it out.

A mortgage for a second home will not have a higher interest rate. But, you will not qualify for FHA, VA, USDA, etc. You will have to get a conventional loan and you can usually do so with as little as 10% down.

It will be based on your credit score, your income and the debt to income ratio.
1 vote Thank Flag Link Tue Jul 31, 2012
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