Is it possible to get a FHA 203(k) loan if i do not live or work in the area currently?
I currently live an hour and a half away from where I'm trying to buy a house. Is this going to keep the loan from going through or is there a way around it?
I know the borrower has to occupy the house but the loan allows for up to a 6month period for renovation of the home without occupying it.
I'm more then certain I could find a job in the area sooner then the renovations would be done.
My father is elderly but self sufficient. He is going to be moving into the house with me. Would it be good enough if he were to occupy the house until I sustained work in the area?
Or I thought of applying for transfer now and if I could get a letter that I would be hired as soon as I moved into the area would that be good enough to allow the loan to go through?
Found the perfect house and I'm trying to be prepared for my appointment with the mortgage broker this week. Any help would be appreciated.
- Anonymous8 years agoBest Answer
In larger Metro areas like Atlanta, DC, NYC, Chicago, LA, etc., it is common for people to drive 1 1/2 hrs to work, which means getting a mortgage loan based on employment being 1 1/2 hours away from home typically won't be an issue.
However, smaller areas like Branson Missouri, El Paso, TX, etc., employment closer in proximity to the property is usually necessary.
Including up to 6 months of mortgage payments is only permitted on the Standard 203k version and only for situations where the renovations make the property uninhabitable.
Regarding occupancy, FHA loans (including the FHA 203k) require the borrower to be either a qualified non profit group or a person that will occupy the property as their primary residence.
Check with you lender for their requirements.
Also, don't forget to use a Certified 203k Contractor.Source(s): http://203kContractors.com
- ihdeLv 43 years ago
confident, they are nonetheless obtainable, a minimum of in our section--even although there is purely one mortage company nonetheless writing them right here -- M & T loan corp. in accordance to our mortage broking provider, if we've been paying for a house in yet another section then getting a 203K won't be attainable. because it rather is, we are hoping to get approval on our 203K loan this week and close next week.
- kemperkLv 78 years ago
a mortgage broker is not a gov official; he will ask you some questions and
he may seek $ for a credit report or other--my comment is not to offer to pay for
any of his processes--let any loan he gets you pay him at close of escrow.
can guide you further