Can you buy a mortgage without living in the state that property is located in?

Question

I live in Miami but want to purchase a home in San Antonio, Tx. I wouldnt be moving there any time soon since I stil have to finish my school program. I intend on buying and renting out until I decide to make the big move in like a year or 2. I recently found out that I can not use my realtor from Miami to make the purchase, But what about the mortgage broker? Ive called a couple and they have said they dont write mortgages for other states, just FL. Is there a way to get a mortgage without having to use one in San Antonio? What do you think about that " countrywide" mortgage company? any good?

Answer 1

Your Mortgage brokers should have a license to do loans in TX. Find out a broker who lend in all 50 states. It shouldn't be a problem.

You can also contact me at [e-mail]

Answer 2

Yes, you most definitely can do this. This is what is commonly referred to as an investment property. Banks as well as mortgage companies all over have special criteria programs which they have put together for people such as yourself who purchase homes, but then rent them out for periods of time.

I would suggest that you contact a reputable company dealing with investment property programs. They should also be able to guide you in the after sales care of your home. This is especially important as you will need to ensure that your property is taken care of by the people who will be renting it from you. An experienced banker should be able to put you in contact with someone in the area who would be able help you in this regard.

You can try: http://www.investmentpropertymortgage.bi... they are very good and has helped me on countless occasions.

Answer 3

any good mortgage broker can do mortgages in other states.  you can buy as a 2nd home, it's not a problem.  Contact a real estate agent in San Antonio if you're still looking, they'll help you find a place and will surely have a contact for getting a mortgage.  Or just look up "mortgage brokers" in the San Antonio yellowpages, or go to superpages.com

Answer 4

should not be a prob. people own real estate all over.