topic FHA loan in different state. in Mortgage Loans

FHA loan in different state.

Anonymous — Tue, 17 May 2016 20:32:40 GMT

I've searched for my scenario and can't find it. Sorry if I'm posting in wrong place. Is it possible to get a house in another stater on my wife's income if she has no plans on leaving here job imnthenstate where in? But I would take occupancy as spouse and work part time there and visit home often and she would spend her time up there with me on her vacations. iis this able to be done? Can spouse be the occupant of second house without the one on the loan being there? Any answers would be appreciated, thank you.

Re: FHA loan in different state.

StartingOver10 — Wed, 18 May 2016 20:45:59 GMT

Bumping for the loan officers to respond to this one!

Re: FHA loan in different state.

Anonymous — Sun, 29 May 2016 15:51:24 GMT

Ok, nothing? I could also be the one on the loan if they would use her income. Would that work? I do have some credit. Would a FHA be possible at all? Any where someone could point me would be nice also. Thank You. We only pay 215 a month where we're at now, so we can definitely afford it. Thank You again.

Re: FHA loan in different state.

Anonymous — Mon, 30 May 2016 00:35:36 GMT

I guess that was my main question, can I get an fha loan in a different state with my spouses income in a different state if she has no plans on moving? Can it be done as primary since I will be the there mostly? We have no home loans let alone fha loans out or ever had either before. Our home is owned now and we only pay 215 for the land it sits on. So its not really considered an owned home I suppose. But either way it's ours and it only 215 a month. We do not want to give it up either. Any info would be appreciated. Thank You.

Re: FHA loan in different state.

Anonymous — Mon, 30 May 2016 05:03:21 GMT

I just went through the same kind of problem recently, but with my mom as a co-borrower. Since my mom wouldn't be living at the house I want across the country full-time she had to be my non-occupant co-borrower. They allowed me to use her income to justify the mortgage since I'm in college and only work part-time, but they took the average of my 3 scores since they were the lowest and chose our rate based on MY scores not hers. My averaged score was around 685 so we got the best rate with FHA, which was 3.25%. You said that you would be working part-time right? Well you can't use any of your income unless you plan on getting a job offer with a stated income you would be making in this new state. In case you don't have a job offer, than you'll have to rely solely on your wife's income to justify the mortage payment. Please ask me any questions about this as I am still going through the mortgage process and am about to go into underwriting

Best wishes that you get the house you yearn for!

Re: FHA loan in different state.

Anonymous — Mon, 30 May 2016 15:46:19 GMT

Thank you for the reply. I'm pretty sure my wife's income alone would be enough. So would I apply for the loan myself and just use her as co-borrower then? I guess they would still count just her income but both of our debts? Just curious what lender you worked with also if you don't mind, unless it's against the rules. Thank You

Re: FHA loan in different state.

ezdriver — Mon, 30 May 2016 15:52:00 GMT

@Anonymous wrote:
Thank you for the reply. I'm pretty sure my wife's income alone would be enough. So would I apply for the loan myself and just use her as co-borrower then? I guess they would still count just her income but both of our debts? Just curious what lender you worked with also if you don't mind, unless it's against the rules. Thank You

The person with the qualifying income will be the primary applicant. You can both apply but the underwriter will decide which of the income sources to use for qualifying purposes.

Re: FHA loan in different state.

Anonymous — Mon, 30 May 2016 16:03:37 GMT

Doing it that way would you be able to do fha? I thought if you were the primary on the loan you'd have to work in the same state as the house is located. I may be wrong, just trying to figure it all out.

Re: FHA loan in different state.

ezdriver — Mon, 30 May 2016 16:13:46 GMT

@Anonymous wrote:
Doing it that way would you be able to do fha? I thought if you were the primary on the loan you'd have to work in the same state as the house is located. I may be wrong, just trying to figure it all out.

There is something called "non-occupying" mortgage applicant. A good loan officer will figure out your best option. Most of us here are offering opinions.

Re: FHA loan in different state.

Anonymous — Mon, 30 May 2016 16:22:42 GMT

Ok, no problem. Just wondering myself and appreciate the responses. Thank You.

Re: FHA loan in different state.

Anonymous — Fri, 03 Jun 2016 04:32:49 GMT

As the other poster said you could get what's called a "non-occupant co-borrower" in which case your wife wouldn't have to live with you in the same state. But I disagree with the other poster on the point that he said she would have to be the primary on the loan. I'm going through Quicken Loans (some people love/hate them) and I am the primary on the loan even though I have zero income in their eyes. My mom is the non-occupant co-borrower and that is essentially like co-signing for a car. My mom and your wife would still be liable for the debt and it would raise up their debt-to-income ratio's. The only bad part about this is that the LO must take into account all debts in both applicant's names and use both applicants incomes. The latter would be the most benefical to you and I as we can purchase a house! If you have any other questions please do not hesitate to ask and good luck on your house hunting!

P.S Quicken Loans has been amazing so far with me personally so give them a call!