Profile picture for user5819786

would a pre-approved loan be consider in another state?

i am looking to relocate to the jacksonville fl. i want to apply for a loan, but don't know if i can do it in the state where i live and buy in the area of interest.
  • August 23 2013 - Jacksonville
  • 0
    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 (5)

Profile picture for adamsilk
If you're really trying to show sellers or agents that you're serious, just call whatever lender and ask for another letter with the correct state. It shouldn't be a big deal as long as they're licensed in both states.
  • September 24 2013
  • 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.

As long as the Lender is licensed in that State then you're fine. I can do loans in FL and I'd be happy to help!

GL
  • August 23 2013
  • 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.

Well although this is possible, you have to see where your lender is licensed. Sometimes lenders are only licensed in the states they are in so they may not be able to give a loan for properties outside of that state. Although, they may be able to refer you to someone who can help you out in that particular state. If you are working with a big mainstream bank then you will most likely be fine. I suggest you shop around for lenders and ask them because some may be able to do this, and others may not.

I hope this helps and good luck!
  • August 23 2013
  • 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.

Your pre-approval is able to be used for other states. Lenders have what is called risk based pricing and have different rates for different states. Just make sure that the rate that you are given is specific to Florida. Just make sure that the lender you did your pre-approval is licensed in Florida. You may enter the lender's name in this site to validate their lending authority in different states: nmlsconsumeraccess.org

Your payment may be different for Fl than the state you did your initial pre-approval for, so make sure that your debt to income ratio is within guidelines to get pre-approved!
  • August 23 2013
  • 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
You will need to apply for a loan with a lender who is licensed to lend in the state where you plan to purchase.
  • August 23 2013
  • 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.