Profile picture for JohnMurguia

Is there a limit on how far i can buy my home from where i work?

I work in long beach Ca and i want to buy my home in Santa maria Ca.
 about 180 mile apart.
  • November 29 2012 - Long Beach
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (10)

Profile picture for JohnMurguia

I appreciate all the advice,it looks like i will have to take a trip to santa maria to see if it really is worth the effort.
 To everyone who responded,Thank You..

  • December 03 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Ofe Polack
Hi Cindy, you are totally correct, I read John's message wrong, he is able to rent and pay mortgage at the same time.  Now all he needs is a lender who verifies that and offers him a loan.
  • November 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Cindy Quinton
I read that completely differently than Ofe. I understand you to be saying that you CAN afford to rent a home where you work and make a mortgage payment in addition. And I see no mention that you may rent out the new home?

it will be easier to qualify if you can prove that you often tele-commute or work from home, or have some sort of schedule that won't require a daily commute. You may also qualify for some very attractive financing for a second home anyway. Regardless, you can't change where you work or wish to buy, so just be upfront and see if it is possible or not. You may have to seek out more than one lender to get approved, since they all have different ideas about what a "reasonable commute" is to them. It may also make a difference if your spouse/partner will be living full time in the new home.  Good luck!
  • November 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
A loan for a primary residence can be turned down for distance.   There is not an exact number because each situation is different.   An airline pilot may be based out of Chicago but live in Denver, and that can be fine.   

If your thinking about renting by your job and visiting occasionally, it isn't your primary residence.

  • November 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Ofe Polack
Hi John  I suggest that you level with the lender and tell them the truth, that you want to buy an investment home.  You are not going to be living in it, most likely will rent it, as you already said, you cannot pay both mortgage and rent.  See what they have to say.  The best of luck! 
  • November 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for sunnyview
Banks look for stability when they underwrite loans. If what you want is owner occupied mortgage rates on a house that you do not plan to occupy immediately, then you are taking a chance. Most lenders verify your residence after the loan is closed.

If you fail to occupy as agreed, you could be stepping into a situation that may be viewed by the bank as mortgage fraud. Before you do that, I would be straight with your lender and see what they say.
  • November 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for JohnMurguia
Can a loan be turned down because of distance?
 i dont plan on moving  right away, i can afford to have the home there and still rent here. prices in santa maria are good and i have family there to watch over the home.
  • November 29 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

We sold a home in Santa Maria (great place) to a couple that used to live in West Covina...how did they get around from here to there with my partner?  They used to take the train and had a car parked up there to go see property with--and then they would all come back home together.

It is a long journey.  I do not recommend it on a daily basis--it would be very taxing on you!

Best wishes from So-Cal and good luck
  • November 29 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Ofe Polack
That is a personal decision, you probably will not have a life, if you do that, but then.....there must a reason, for you to even ask the question.  Good luck!
  • November 29 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

There is no limit in the sense that you are the one with the commute.  The real issue would be that is a 6 hour commute and between wear and tear on the car, gas money and the value of your time, would it be worth it?
  • November 29 2012
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.