Can you get pre-qualified for a home loan in one state, but buy the house in another state?
I live in California and was pre-qualified for a home loan, however, I'm thinkin about moving to another state. Is it possible to do that or would I have to go to the new state and apply for a loan there? Also, if I get pre-qualified for a loan, can I buy a few houses with that amount or does it have to be one house with the amount I'm pre-qualified for?
- MKEisfunLv 41 decade agoBest Answer
If you are only pre-qualified that is essentially meaningless - the lender just estimated what you would qualify for based on (probably verbal) information you gave them and pulling your credit report.
Pre-approval means they have guaranteed you can borrow that amount. Usually it is based on a state or locality, but if you call the lender and let them know they can keep the approval good for the new area also.
Just call the lender back to ask.Source(s): Realtor
- chatsplasLv 71 decade ago
Sure, the prequalification is for YOU, not the specific property. However moving may be a problem if changing jobs as job stability and income is paramount in being able to qualify for a mortgage. One property at a time! After you buy one you can look at others and see if you qualify.Source(s): real estate investor
- DebdebLv 71 decade ago
If you're talking about getting pre-qualified in Kansas City MO and then deciding to move to Kansas City KS, you're fine, because you'll probably have the same source of income. But if you live in Vermont and decide to move to New Mexico, what will be your source of income? If your income is not dependent on location, you can do what ever you want.
- Anonymous1 decade ago
No, you need to get a mortgage in the same state as the property, the bank is not going to do business outside their legal jurisdiction.
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- Anonymous3 years ago
Really interesting question, looking forward to going through the answers
- Ryan MLv 71 decade ago
Since there is nothing binding with a pre-qualification, it does not matter.
- KitKatLv 71 decade ago
sure -talk to your mortgage lender & real estate agent.