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Buying home an hour away in a different state

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New Contributor

Buying home an hour away in a different state

Hi,

 

   I currently live in New Mexico, but want to buy a home in El Paso, TX which is about an hour away. I am self employed, so the move wouldn't effect my work. I am also a student, so will just commute back to New Mexico for school.

My questions - Will buying a home an hour away in a different state affect my ability to purchase a home through Fannie Mae Conventional?

If not, should I use a lender in El Paso, TX or find one near me in New Mexico?Thank you for any advice.

Message 1 of 7
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New Contributor

Re: Buying home an hour away in a different state

Anyone? Someone who made their first home purchase in another state?

Message 2 of 7
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Frequent Contributor

Re: Buying home an hour away in a different state

It shouldnt be a problem, we are trying to buy about an hour away too, although in the same state.  It hasnt been an issue

Equifax: 676 (myfico) Experian: 683(myfico) TransUnion: 689 (Barclays)

Current Goal: 700
Message 3 of 7
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Contributor

Re: Buying home an hour away in a different state

no issue, you got an easy explanation.

Message 4 of 7
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Frequent Contributor

Re: Buying home an hour away in a different state

Go with a realtor in the city you are looking to move to.  They will know the area better and have quick access to ride by the property if you need a specific question answered.

 

Good luck with your home purchase. 

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Established Contributor

Re: Buying home an hour away in a different state

...in addition to what Legal_Girl cited above, a realtor in the area you are moving to will be able to refer you to local mortgage sources s/he have had good experience working with which can be invaluable in the mortgage process ...just be sure to check out any on-line reviews before committing to either ...hth


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Message 6 of 7
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New Contributor

Re: Buying home an hour away in a different state

Thank you so much everyone for your help. I stopped by today  to speak with a recommended loan officer at my local bank here in New Mexico, and am considering working with him because his answers to my questions were succint and (after doing more research) correct. The thing about Las Cruces is that many people who work here live in El Paso, so loan officers usually know the area I am looking, and can recommend a realtor in El Paso. Although I will of course shop around.

Have a great weekend everyone.

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