https://ficoforums.myfico.com/t5/Mortgage-Loans/Out-of-State-Mortgage-Question/m-p/5325892#M222029 Just tell them you are buying it as either a renter or Second home. Which ever the lender says you qualify for. Your loan officer did not do you any favors here. The LO job is to counsel you so you don’t waste your time or money on a loan that doesn’t work.<BR />Of course Investment Properties or Rental require much larger down payments and stricter UW standards. The interest rates and fees are also higher than an Owner Occuppied Home. Mon, 13 Aug 2018 04:15:10 GMT JVille 2018-08-13T04:15:10Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Out-of-State-Mortgage-Question/m-p/5325439#M222010 <P>I recently accepted an offer on an out of state condo.&nbsp; I was&nbsp;told that since I am not relocating for another year, the only&nbsp;thing I can do for my mortgage is to apply for it as an investment property.&nbsp; Everything was fine and dandy and all of my paperwork was completed.&nbsp; Now, it's in the underwriting process and I'm being questioned about my future employment.&nbsp; The lender wants proof of a new job in the new state but I specifically told them that I'm not moving down yet.&nbsp; My income will remain the same for at least another year.&nbsp; What is the likelihood that my mortgage will be denied?&nbsp; Why do they need proof of future employment if I'm going to remain the same for the next year or so?</P> Sun, 12 Aug 2018 17:29:24 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Out-of-State-Mortgage-Question/m-p/5325439#M222010 Anonymous 2018-08-12T17:29:24Z https://ficoforums.myfico.com/t5/Mortgage-Loans/Out-of-State-Mortgage-Question/m-p/5325892#M222029 Just tell them you are buying it as either a renter or Second home. Which ever the lender says you qualify for. Your loan officer did not do you any favors here. The LO job is to counsel you so you don’t waste your time or money on a loan that doesn’t work.<BR />Of course Investment Properties or Rental require much larger down payments and stricter UW standards. The interest rates and fees are also higher than an Owner Occuppied Home. Mon, 13 Aug 2018 04:15:10 GMT https://ficoforums.myfico.com/t5/Mortgage-Loans/Out-of-State-Mortgage-Question/m-p/5325892#M222029 JVille 2018-08-13T04:15:10Z