Is it possible to obtain a mortgage in NC while still working and living in VA. I plan to buy a home for my daughter to live in while going to college in NC and eventually moving there myself. Also I do have a bankruptcy on my credit history.
2006-10-22 13:52:29 · 4 answers · asked by juls1967 1 in Business & Finance ➔ Renting & Real Estate
It's possible...It's just a question of how much you're gonna have to pay...It's probably not a good idea...If you have to pay too high an interest rate, it's better to have the kid just rent...The other question is can you afford it
2006-10-22 14:11:23 · answer #1 · answered by feanor 7 · 0⤊ 0⤋
That's a great idea. You'll know you will keep it for at least 4 years. I regret that my parents didn't take that option while I was attending the University of Florida for SIX years. Anyhow, acquiring a mortgage for a home in another state is the easy part. I wouldn't worry too much about the bankruptcy either. There are some lender who will let you still borrower the money, but expect higher interest rates. It also may depend on how long ago you filed.
Here's a good article on 5 mistakes to avoid when buying a home:
http://www.foreclosure.com/articlecenter.html?action=displayArticle&articleId=1154&isLatest=false
2006-10-25 02:37:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There are a few ways you can purchase a home in another state. One is to call it a second home which usually will allow a higher loan to value and better int. rates. the other is to call it an investment property these usually are at lower LTV's and higher rates. Depending on where the property is located some lenders may not allow it to be done as a 2nd home unless it is in a vacation area, on a lake, mountains etc... The bankruptcy may be an issue depending on how long ago it was and what credit you have had since along with your credit score. I may be able to help get you qualified for the loan if you are interested. I have been in the mortgage industry for 13yrs and know many products that may be available. You can contact me at cbrown@structuredmortgageltd.com or (614) 985-3771
2006-10-23 07:40:21 · answer #3 · answered by c b 1 · 0⤊ 0⤋
Yes it's possible you can buy it as a vacation home. And it depends on how you bave been out of bankruptcy and your credit would determine what type of program you could get. If you are going to buy a home for her to live in maybe buy a three bedroom and rent the rooms and bring some rental income to supplement your income and pay the mortgage. When the year or semester ends for the students you can plan your move in time around that for you.
2006-10-23 05:32:24 · answer #4 · answered by shaundy1714 2 · 0⤊ 0⤋