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

The question to be asked ...

Tue, 30 Jun 2009 19:34:00 GMT

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.

You will have to have an ...

Tue, 30 Jun 2009 19:30:00 GMT

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.

How long between purchase ...

Tue, 23 Jun 2009 03:17:00 GMT

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).

What may be happening is ...

Tue, 23 Jun 2009 02:53:00 GMT

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.

I do not originate them personally, ...

Mon, 22 Jun 2009 03:32:00 GMT

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.