buying a home far from work

0.10 Dollars($)

I rent a house in the S.F. bay area and want to buy a house in the sierras, around Pioneer. My wife and 2 kids would live there full time and I would still be working in the bay area, staying with family and traveling home when I could until I could set up something closer to our home in Pioneer.

Any problems with getting a mortgage under these conditions ?

Thx Sean

Guest 0.10 Dollars($)

Should not be a problem.

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brian1 · Posted: Mon Sep 01, 2008 10:38 pm Post subject:

Please ignore Marty He goes from forum to forum breaking the rules and spamming people. He must not be able to get work any other way? He has been reported and warned numerous times but continues to break the rules here.

That said
Since it will be a first home it should not be a problem. You will need to explain your situation and show that you can qualify. Beautiful area with lots of historical stuff to see in Pioneer. It will be a killer of a commute but would still be seen as a primary since you will technically live there but stay down here during the work week.

Good Luck
Brian

adonis · Posted: Tue Sep 02, 2008 1:15 am Post subject:

Yeah Brian. I too find Marty spamming the forums. Looks like he has no work at all!

As for the query posted here: I suppose there'll be no problem in finding a mortgage if you're buying a home far from work. But you need to have the income level and credit record/ score that lenders usually ask for. Also, your debt to income ratio shouldn't exceed 36% if you're looking for a conventional loan (not FHA insured). By the way, what type of mortgage are you looking for - fixed or adjustable rate?

Guest 0.10 Dollars($)

thx for the response guys..

I will try to get the best FHA loan I can.. Probably in the $250,000 range.

Fixed preferably.. Maybe even try to get a little extra built in for some

repairs.

sara · Posted: Fri Sep 05, 2008 3:51 am Post subject: RE:

Welcome back sean.

You should try shopping with a number of lenders to choose the best offer available to you. Also, check out the FHA loan limit in your county from https://entp.hud.gov/idapp/html/hicostlook.cfm .

Take care

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