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Could you please tell us about the USDA Loan, can we qualify for this loan from out of state

we are relocating from Pa to Florida with in 6 months, and would like to buy a home before getting there.  It would be a primary residence, and we would be a first time home owner.  The banks keep telling us this would be a 2nd home because we are out of state.  Can we do this?  Thank-you
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June 21 - Palm Bay
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Profile picture for jcaf1918
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The question to be asked regards your income.  If you are simply being relocated and staying with your current employer then it should not be an issue.  However if you are going to be getting new jobs that is where the wrinkle comes in and the bank is classifying it as a 2nd home.
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June 30
Profile picture for VanKeef
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You will have to have an income letter from your employer here in FL and an intent to occupy within 60 days.  Do you currently have a mortgage? If so, you will have to show your listing agreement and be able to qualify on both home payments. I have been able to approve borrowers that rent out their out-of-state homes but this would be on exception only.
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June 30
Profile picture for wetdawgs
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How long between purchase and occupation are you proposing?   I think there is a rule that it isn't considered a primary residence if you don't start living there within a certain number of days (e.g. 30 days).

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June 22
What may be happening is that a home is showing up under your name.  It could be a mistake or if you have a family home where you are on the deed and you did not purchase it - this is technically considere ownership. To do USDA - your home has to qualify so you would use the
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

If you would like a referral to someone who can explain everything send me an email and I will get you in touch with a great broker.

Thanks.
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June 22
Profile picture for Martin Wareing
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I do not originate them personally, but I have been approached by wholesalers that do.  I do not know a govt lender, FHA, VA, USDA that is doing investor loans (non-owner-occupied) loans.  Good luck to you.
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June 21
 

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