Question : Is it possible to obtain a home loan when spouse works out of state?
My husband will be taking a job in Atlanta soon, but I will be staying in Los Angeles for a few months until he gets situated. I will be staying with my parents, so I will not be paying rent. Would it be possible to obtain a home loan for a primary residence under this circumstance?
- asked by jeddmusicgroup
All Answers:
Answer #1
You can do that. Normally they want a lease fromthe person that is not moving into the home.Askyour lender for specific requirements. They maywant a letter from your parents or a lease stating$0/month.
- answered by oahurealestate
Answer #2
Depending on whether or not you have a job linedup, but if you go to an exception based lender,something like the olden days of sub-prime, nowcalled level 2, 3-they should be able to workaround it. You will need a VOR (Verification ofRent) from your parents, and a lot is still goingto be dependent on your credit and the home youare actually buying.
- answered by Salesgirlgonewrong
Answer #3
I recently relocated from buffalo to charlotte,now, most people say no doc loans are dead, wellnot necessairly as bank of america down herestates they can do a no doc loan if I have 10%down and a 720 credit score. The point is a few,one, I dont believe alt has been as hard hit interms of property values, so lenders may have moreprograms available. The next question would be isthis a lateral move for your husband? If he'sstaying in the same field, this will help, if not,the bank may want to see 3 months of employmenthistory. Next is will this job let him qualify onhis own? If so, then I would say you have apretty good shot. He will have to go around andspeak with different lenders in the area to talkabout qualifying. He should make sure he hascopies of recent paystubs and w-2's. Make sure hehas these, you know how us guys are. Also,discuss a power of attorney. I don't know if yourgoing to go into title and be on the loan itselfor not. Ga is not a spousal or community state,meaning he could just put himself in title andthat is it, it also means you have no interest inthe property being a spouse, so make sure that isdiscussed as well, good luck and let me know if Ican answer anything else
- answered by Jeromy W
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