Borrower Trying to Get Investment Mortgage in Another State—Is This Possible?

Seeking Advice
1

Hallo
I could use some advice about a borrower I’m working with. She’s living with her boyfriend, who’s renting, and she doesn’t pay any monthly housing expenses. He signed a Letter of Explanation and gave a copy of their rental agreement, but her name isn’t on it.
She’s looking to buy a vacation property in another state where her family lives. She meets all the FICO and income requirements and has enough assets for the down payment and closing costs. Plus, she’s been with her employer for over 20 years, so she’s got stability on her side.
I’m pretty new to the industry and want to make sure this isn’t going to be a big issue for her. Has anyone dealt with something similar or know if this is possible? I’d really appreciate any insights!

In anticipation…

2

Regarding :weary: financing for investment properties, each state has its own laws governing things like loan-to-value ratios, interest rates, and documentation needs.

3

State-to-state variations :wink: in property taxes can have a substantial impact on the total cost of ownership.

4

It can be difficult to manage a home from a distance, so having a trustworthy property manager in place is crucial.

5

Having a thorough understanding of the local real estate market is essential to making wise investing choices. :thinking:: States may have several loan products available for investment properties.

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Online lenders may offer more flexibility and convenience for out-of-state borrowers. :thinking: Get pre-approved for a loan before starting your property search to understand your budget and financing options.