Brenda, Renter in Columbus, OH

would a mortgage company require a larger down payment if I buy a small house out of state?

Asked by Brenda, Columbus, OH Mon Jul 16, 2012

I work for a restaurant franchise and plan on "transfering", but would only do so IF i bought a house first..I do not want to rent,and it would not be used as a rental.

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4
Bev Woodford, Agent, Columbus, OH
Fri Aug 3, 2012
I don't think the size has anything to do with it. Some lenders have an issue with make loans under
$50,000. Do you mean small in size or small in loan amount?
0 votes
Annette Levi…, , New York, NY
Mon Jul 16, 2012
You would need to buy the house as a second home since your job is in another state and your company would not put in writing that they are definitely transferring you and the date of the transfer. The down payment for a 2nd home is 20%.
0 votes
Laura Feghali, Agent, Stamford, CT
Mon Jul 16, 2012
Hello Brenda,
There are a few mortgage options available to you depending on your credit. The size of the down payment has nothing to do with purchasing a home out of state but rather if you will be occupying the property as your primary residence and what your credit rating is.
I suggest that you contact a few mortgage lenders or brokers to determine what you qualify for.

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes
Don Tepper, Agent, Burke, VA
Mon Jul 16, 2012
No, if you're planning on using it as a primary residence, which you say you plan to. The challenge would be persuading the lender that you were buying the house as a primary investment, not as an investment. Now, that can be done; it's not impossible. (People who take jobs across the country obviously have to do that.) Check with a good lender (ask your Realtor for some suggestions) on how the process would work.

Hope that helps.
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