Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 1 decade ago

I live in Arizona, but want to buy a property in Texas?

Since property is out of control and over priced I having to look out of state. Anyways here is the problem, I'm self - employed and want to buy out of state. Do I need to talk to banks/brokers in Texas or here in my own state.

What are my chances of buying out of state as a self-employed person? I can easily afford the payments?

Thanks in advance,

Slim

12 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    Your state of residence should make no difference.

  • 1 decade ago

    Slim,

    The situation you describe is no problem. Stated income loans are the most common way to deal with self-employed people. Some lenders also have "no doc loans".

    I would suggest working with a local mortgage broker. A Texas real estate agent can certainly assist you while you are in Arizona. Obviously, you are going to have to come to Texas at some point to look at the house. I would NEVER (as a real estate agent or buyer) make an offer on a house without seeing it or doing an inspection.

    Eric

    Source(s): I am a licensed Texas real estate broker.
  • Anonymous
    1 decade ago

    Hi Slim-

    Ive been in the real estate business for 6 years and have helped people in your situation before. I have a tool that you could use called Home Buyers Market. Its a way for you to shop on-line for free. The Home Buyers Scouting Report® offers ALL the available listings that match your personal search criteria from area real estate companies, COMPLETE with pictures, prices, directions, maps and more.* You can be the first to see new properties because you’ll receive ‘Quick Alert™’ emails of new listings as they become available. With a click of a mouse, you can even schedule a property showing with your REALTOR®.

    If you want to enroll in Texas its an easy way for you to look at whats available.

    Also, you can buy out of state if your self-employed no problem, if you want to fill out an application on my website to get pre-approved I would be happy to help. Good luck!

    Denielle Hass

    American Home Mortgage

    Cell: 503-545-0453

    Right Fax: 866-826-3261

    denielle.hass@americanhm.com

    www.americanhm.com/denielle.hass

  • 1 decade ago

    Self Employed loans are actually not as difficult as one may think, provided that you have a business license and a letter from your accountant stating that you are up to date and in compliance with all taxes and such. Then your income could be stated on the loan application, thus taking away all the headache of income ratios, gathering tax info, etc. The first thing would be to get a sales contract for the property that your going to buy, then send that contract to the loan officer or mortgage broker that your going to go thru. A lot of times, realtors have loan officers that they use and trust, therefore you won't have to look for none on your own. I'm a loan officer in MD if you have any other questions feel free to email me.

    Good Luck!!

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  • 1 decade ago

    Slim

    It's really not to hard to get a stated income loan, but it depends somewhat on your credit score... I am self employed as well and I was able to use wells fargo to get a pretty good program. If you would like I can put you in touch with a real estate broker and a loan officer down in Texas.

    E-mail me if you have any questions or would like a name and number...

    nikkiveenendaal@yahoo.com

  • 1 decade ago

    It isn't very difficult. You just need to find a mortgage broker that is licensed to do loans in Texas and then he can find a lender that does investment properties and 2nd homes with a non-conforming lender that has loan programs for self employed people.

    Source(s): i'm a loan processor
  • 1 decade ago

    Slim Texas is one of the few states that's difficult to do business in if you don't reside there but it can be done. Being self employed is not as big of a problem as you may think. I recommend dealing with someone local as problems always arise and you being local will help overcome those problems. Slim I hope this helps you and answers your question but if you have any further questions or need and help please feel free to email me.

    Source(s): Mortgage Consultant with Silver Creek Financial Group, LLC Tempe Arizona
  • 1 decade ago

    My boss is trying to buy property in texas. he said that right now it is really cheap and the prices will rise soon. Might make a good profit if you get a home for a year and sell it.

  • 1 decade ago

    Go to www.realtor.com and take a look at prices. The site can connect you with local realtors and mortgage brokers.

  • 1 decade ago

    It's not exactly "out of control and over-priced" in Arizona. Prices are fluctuating right now and the market is slowing down. It's a buyer's market.

    I think you can talk to a lender anywhere about getting financed for a loan.

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