Can I buy a house in a different state before we move?

[Jess21]

well we  didnt really plan in a 10% down payment, so I guess thats a no go for us.  We only have about 5% down and we do want to live in the property full time and maybe for the rest fo our lives, we just dont want to wait another 2 years to be able to qualify for a mortgage

[Jess21]

where we want to move is only 3.5 hrs away couldnt we commute?  lol

[ShanetheMortgageMan]

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@Jess21 wrote:

well we  didnt really plan in a 10% down payment, so I guess thats a no go for us.  We only have about 5% down and we do want to live in the property full time and maybe for the rest fo our lives, we just dont want to wait another 2 years to be able to qualify for a mortgage

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Well after you get your new jobs, then live in temporary housing for a month or so while you are in contract on your new home, and then close at that point.  It's not as convenient as purchasing a home before you find a new job, but it's not as annoying as having to wait two years.

[ezdriver]

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@Jess21 wrote:

where we want to move is only 3.5 hrs away couldnt we commute?  lol

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Get one of those car/plane things ... and you're good to go.

[StartingLifeOver]

I was wondering the same thing as OP.  I currently live/work in NC and want to purchase my first home in VA.  Can I still use a first time buyer program if the lender considers it a 2nd home?  Also, how far is an acceptable commuting distance to a lender?  I'm considering an area that is 2.5 hrs away.  My plan is to be there on the weekends and continue renting in NC during the week. 

[ShanetheMortgageMan]

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@StartingLifeOver wrote:

I was wondering the same thing as OP.  I currently live/work in NC and want to purchase my first home in VA.  Can I still use a first time buyer program if the lender considers it a 2nd home?  Also, how far is an acceptable commuting distance to a lender?  I'm considering an area that is 2.5 hrs away.  My plan is to be there on the weekends and continue renting in NC during the week. 

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Depends on what the first time homebuyer requirements are.  Most require you to be a resident of the state and they all require it to be your primary residence.  2.5 hours is usually not an acceptable commuting distance, but it also depends on distance... as sometimes the morning commute in Los Angeles can take a couple hours just go to 60 miles.  But if it's 120 miles then that generally won't fly.  You'd probably need to purchase this as a 2nd home, with the rent in NC being calculated in what you can qualify for.