New Mortgage Question

[Sassy_Taurus]

Hi all. Can anyone tell me if it's possible to get a mortgage for a home in a different city than where you work? I'm looking to apply for a mortgage next week. I was speaking with a realtor that specializes in the area that I want to move to. He told me that because I would be commuting to work than 9 times out of 10 I would not be approved. The drive would be about 1 hour 15 minutes. I'm in California.

I'm looking at cities further out because of the amount that I would most likely be approved for (180k- 200k). There's nothing in that range here in the city.

[dt3813]

I'm not a mortgage professional, but I worked 2 hours from where I lived, not once, but three times when buying houses.  Currently I work 45 minutes from home.  I have a friend that works in New York and lives in Connecticut.  As a matter of fact, there are tons of people in Connecticut that work in NY.  I'm not quite sure why someone would say that and I don't know your situation.

[ezdriver]

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@Sassy_Taurus wrote:
Hi all. Can anyone tell me if it's possible to get a mortgage for a home in a different city than where you work? I'm looking to apply for a mortgage next week. I was speaking with a realtor that specializes in the area that I want to move to. He told me that because I would be commuting to work than 9 times out of 10 I would not be approved. The drive would be about 1 hour 15 minutes. I'm in California.

I'm looking at cities further out because of the amount that I would most likely be approved for (180k- 200k). There's nothing in that range here in the city.

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A little more than a one-hour commute in California is actually a reasonable daily commute from the home mortgage community perspective. I lived in Connecticut and commuted more than two hours to New York City 5 days per week ... and never had an issue with securing mortgage financing for several homes that I bought there. A realtor does not fund mortgages so I recommend that you speak to a few lenders. A few of them in this forum will chime in shortly.

[Sassy_Taurus]

Thank you Ezdriver and dt3813 I've been stressing all night over this.

[Anonymous]

I'm not sure how you came to find your realtor, but with that type of advice right off the bat, I would start thinking about interviewing a different realtor.

My first thought is they are trying to steer you away from an area you can afford or want to be in to somewhere they prefer. Or they could be misinformed, which in that case I would be looking for another realtor. Your realtor is an important piece to the puzzle, you need to have someone knowledgeable, experienced and truthful.

[Sassy_Taurus]

@ksb1 the realtor is a preferred agent through Redfin. I do know that he kept bringing up lenders that he work with even though I told him that I have one that I'm working with.

I think I will take your advice and look for another realtor.

[dt3813]

Sassy find a realtor that is familiar with where you are buying, not where you're working. It can put you at an advantage because she/he may know of properties before they hit the market, bad areas, good areas, etc. hit Facebook and try to find one a friend may have worked with. Definitely find a realtor you click with. It's a stressful time and having a realtor that clicks with you makes it easier. Good luck!

[Anonymous]

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@Sassy_Taurus wrote:
Hi all. Can anyone tell me if it's possible to get a mortgage for a home in a different city than where you work? I'm looking to apply for a mortgage next week. I was speaking with a realtor that specializes in the area that I want to move to. He told me that because I would be commuting to work than 9 times out of 10 I would not be approved. The drive would be about 1 hour 15 minutes. I'm in California.

I'm looking at cities further out because of the amount that I would most likely be approved for (180k- 200k). There's nothing in that range here in the city.

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It's possible, but with the long commute you'd be generating alot more liabilties.   You'd be wearing yourself out and only working to pay bills.  You won't be happy.   

[Luscher]

You can get a house virtually wherever you want, as long as there is somebody willing to buy and somebody willing to sell

[Anonymous]

When I bought my first house, my ex-spouse was commuting over 2 hours each way. The lender never batted an eye. It's common in the suburbs of major metro areas.