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Does conventional loans have the same requirements as FHA if you want to buy a home in another state

I am relocating to IL and I would like to purchase my first home there before moving.  I have been on my current job for 6 years.  I was told by I loan officer that FHA requires that I have a job in IL before applying for a loan or have 20% down, because the view this as an investment company.  Please provide me with insight on this matter, because I really would like to buy first before moving.

Thanks in advance
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May 20 2013 - US
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Hello
You could look to purchase the property as a 2nd home using your current employment - or as an investment property.  The down paymemt requirement for a 2nd home would be 10% whcih can be more favorable and the interest rates are lower than an investment property as well.  You could also close up to 60 days before starting your job here in Illinois if you have a contract with the new employer that has no contingencies. 
Good luck with your move
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May 22 2013

It seems like you are looking to put a small amount of money down.

 You can purchase a home out of state and call it a second home and the down payment requirements are much less. 

If you are not physically working near the area you are looking to purchase, it can not be considered a primary residence.  It will be looked at as a second home or an investment property.

You might want to seek out another mortgage professional, to discuss your options.

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May 20 2013
 
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