When to apply - out of state financing, OO NOO

Financing, Hard Money Lenders, Private Money
1

Hi,

I live and work in one state, and I am interested in buying at least 1 NOO property in another. The other scenario is that I would buy the 1 NOO, and 1 OO property in the other state. Both properties together are less than 1 year’s annual salary.

My question is, I’m considering relocating. do I try for financing now while I have my current residence and job history? How does this work??

I am a 1st time buyer, but if I wait until I move to apply for a mortgage, seems like that hurts me? - new job, new residency?

Both properties are REOs. Fico’s 630

2

New job won’t necessarily hurt you if it’s in the same line of work.

So question- are you saying that you would like to buy an OO property in the state you are relocating to? You post confused me a little- you can’t buy an owner-occupied property in a state where you don’t reside.

3

Yes, I was hoping to do a OO when I move. I guess you’re right, I wouldn’t be a resident, so no 1st time buyer. I guess I was thinking the mortgage or program was federal, so it wouldn’t matter.