Profile picture for Redmansunshine

Why can I not get a loan on a home in Mississippi because I am a California Resident?

  • December 06 2010 - Morgan Hill
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Answers (5)

Profile picture for Blue Nile
Many are, and many are not, and the original poster gave us no clue as to desired loan amount, planned down payment, relocation, stability of job if relocating or any other details to know specifically which reasons were relevant to the specific situation.  So I had provide 3 separate possible explanations, and the poster can sort out for themself which one (or more) might be relevant.
  • December 08 2010
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  • December 08 2010
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Profile picture for Blue Nile
Many of the houses for sale in Mississippi are in the $12k range.  At that price, you should be paying cash.  For a loan value, it is just so low that most people don't want to write it as a mortgage.

There are other ways to borrow in that price range.

Of course the other issue is down payment.  Investment down payments are always higher than owner-occupied down-payment minimum requirements.  And if you are planning on moving, the lender needs to know you will have a continued source of income to pay back the loan.
  • December 07 2010
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If you qualify for a loan in CA, you can get a loan on investment property or a 2nd home in all states. Who told you that you couldn't?

Happy funding, Rudi
  • December 07 2010
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Have you contacted a lender in Mississippi lender or a large corporate bank like, B of A or Wells Fargo?
  • December 07 2010
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