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Can i purchase a home in another state using a FHA Loan

my partner and i are looking to purchase a home in about a year. currently live in long island,NY but want to purchase in North Carolina. Our scores are in the upper 500's. we are giving ourselves a year to reestablish credit and save up at least 10% down payment. our combined income is about 85k a year. now would they base our qualified mortgage amount off of our NY income or would we have to move establish employment history over in N.C and then apply
  • May 21 2011 - US
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Answers (6)

A year is plenty of time to get your scores up to a minimum of 620.  If you're in the upper 500's, you probably have a couple "good credit" accounts.  Make sure that your credit card balances are at or below 30% of the limits at all times, if not paid off completely.

You also need to attempt to remove any bad credit.  If you've got collections, get them paid and request a "deletion letter" before you make payment.  With this deletion letter the collection can be permanently removed from your report via "Rapid Rescore".

Understanding the path to higher credit scores is key to increasing your scores, you may hurt your efforts if done incorrectly.

Contact me through my profile for the road map.  I've given these directions thousands of times and always works, if you stay on the road.

Jason Hall
  • May 30 2011
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Since you would be moving from another state at a new job, qualifying for a mortgage would require a paycheck from the new job(s). No gap in employment (other than a 30 day or so transition), and same line of work of new job would be viewed favorably. Getting credit scores above 620 should also be accomplished prior to purchasing.
Make contact with a loan officer in local NC area of pending employment about 6 months prior to a planned move. You can then learn what is necessary to receive pre approval for a loan prior to beginning house hunting.
  • May 23 2011
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Yes, you probably can purchase another home, however, check with a reputable lender in the area and get pre-qualified when the time is right.
  • May 21 2011
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Yes as long as there is no gap in job employment.  Also the FHA loan has to be owner occupied.  You will need to work on your credit score as well.  Does your new job have an increase in income or decrease?
  • May 21 2011
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i was offered a position is the same work field. but would starting a new job affect my chances of getting the fha since they normally want to see steady emaployment
  • May 21 2011
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FHA purchase loans are for owner occupied properties only. So if you are purchasing a home in NC, they will want to see what job in NC you have and use that income to qualify.
  • May 21 2011
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