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Finding the right lender for a home I want to purchase out-of-state?

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mssaking Joined: 28 Apr 2010 Posts: 1 1.35 Dollars($)	Posted: Wed Apr 28, 2010 12:30 pm    Post subject: Finding the right lender for a home I want to purchase out-o Like 0 Dislike 0 I live in CA at my parents home rent free; my parents reside primarily in MS but kept their home in CA that I take care of. I would like to purchase a home in MS (I eventually want to move there) and continue to work in CA for the next two years or so. Since property is so expensive in CA, I see this as my best option as a first time buyer with a fair credit score. Are there lenders available to help with this unique situation?
smithsussane Joined: 18 Sep 2008 Posts: 10438 Location: Alaska 985.71 Dollars($)	Posted: Wed Apr 28, 2010 8:30 pm    Post subject: Like 0 Dislike 0 Hi mssaking! Welcome to forums! If your name is not mentioned in the property deed of the rent free property, then you would be able to qualify as a first time buyer. However, credit score plays an important role in getting a mortgage. You haven't mentioned what your credit score is like. You should remember that in order to get a conventional loan, you would require a credit score of 720. For FHA loan, you would require a score of 620. If you do not meet this criteria, you won't be able to get a loan. Feel free to ask if you've further queries. Sussane
Shanell King Guest	Posted: Thu Apr 29, 2010 7:35 am    Post subject: Purchasing Property out-of-state Like 0 Dislike 0 Hi Sussane, No my name is not mentioned on the deed of the rent free property-my credt score is 642. What's next?
sara Moderator Joined: 05 Jul 2006 Posts: 2694 Location: New Brunswick, New Jersey 496.42 Dollars($)	Posted: Fri Apr 30, 2010 3:29 am    Post subject: Like 0 Dislike 0 Hi Shanell, With a credit score of 642, you will be able to qualify for a FHA loan. You should contact lenders who give FHA loan and get pre-approved for it. Apart from your credit scores, your debt to income ratio will also be taken into account while the lender approves you for a mortgage. If you satisfy the required criteria of the lender, you will get the loan. This community also has a large number of lenders. You can seek a no obligation free mortgage consultation from them. This will help you know whether or not you would qualify for a loan. Take care. _________________ Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020

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