hi..I`m prequalified in California to buy a home but can I buy a home in other state.thanks

Asked by jimenaojoscafes, Lake Forest, CA Wed May 28, 2014

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7
Nicholas S N…, , Rockford, IL
Tue Jul 15, 2014
Prequalification are borrower specific, not state specific. If looking in a different state you do need to let lender know if it will be primary residence, second home or investment property. Also, find out if the lender does lend in the other state. Some lenders only have a footprint in certain states and do not lend outside of these states.

I have the ability to lend in all 50 states. If you would like more information on my programs and a free preapproval, please contact me at the below phone or email.

Good Luck,

Nick Nelson (NMLS#384413)
Mortgage Lender
Community Bank of Rockford, A Division of Harvard State Bank
2470 Eastrock Drive
Rockford, IL. 61108
(815) 289-0880 - Phone
nnelson@thehsb.com - Email
0 votes
Nicholas S N…, , Rockford, IL
Tue Jul 15, 2014
Prequalification are borrower specific, not state specific. If looking in a different state you do need to let lender know if it will be primary residence, second home or investment property. Also, find out if the lender does lend in the other state. Some lenders only have a footprint in certain states and do not lend outside of these states.

I have the ability to lend in all 50 states. If you would like more information on my programs and a free preapproval, please contact me at the below phone or email.

Good Luck,

Nick Nelson (NMLS#384413)
Mortgage Lender
Community Bank of Rockford, A Division of Harvard State Bank
2470 Eastrock Drive
Rockford, IL. 61108
(815) 289-0880 - Phone
nnelson@thehsb.com - Email
0 votes
Jeff Penna, , 92010
Tue Jul 15, 2014
Pre-qualifications are typically borrower specific - not State specific. However, as a number of other responders have noted...occupancy status, employment, and/or other costs could have an affect on debt rations and/or loan options that could change your financing.

For example:

If you currently live and work in CA but decide to purchase a home in Nevada...possible questions to consider:

Would the home in Nevada be your primary residence? If not, what living expenses will you still have in CA that could affect your debt ratios for qualifying? And, if not your primary residence, the loan would require a minimum of 10% down payment as a 2nd home or 20% down as a rental / investment property.

If the new home in Nevada would be your primary residence...would there be a change of employment and/or monthly income that would need to be considere?

In any case, I would encourage you to select a lender that has experience in lending outside of their local service area. I have been asked to save a number of real estate transactions due to appraisal issues and/or ongoing delays by Lenders not familiar with the area you may be interested in.
0 votes
Laura Lira, Agent, Tustin, CA
Mon Jul 14, 2014
Loan approvals are usually based on 3 things: I.C.E. Income, Credit, and Equity. So as long as these 3 factors don't change, you should be fine. If you are buying out of state though, the underwriting guidelines may change depending if you are going to occupy the home or not. I hope this helps.
0 votes
, ,
Thu May 29, 2014
Probably, as long as terms such as owner occupancy are the same.
0 votes
Dan Tabit, Agent, Issaquah, WA
Wed May 28, 2014
Jimenao,
Your preapproval is dependent on various thing, including your income and employment. If in the process of finding a house in another state, those things change, so can your pre-approval. If you are talking about a border town, within reasonable driving distance, then the main concern is using a lender who is licensed in that state.
0 votes
Terri Vellios, Agent, Campbell, CA
Wed May 28, 2014
Possibly. Whether or not you can use that lender depends if that lender can loan in the state you are looking to buy. Ask your lender.
0 votes
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