Can I get a refi if I work commute in another state?
I am in the midst of a refi on my home of 16 years in AZ. Loan agency balking at the fact I regularly commute to TX for work. Is this really a problem? Maybe I should refi elsewhere?70% loan to appraisal.800 credit scoreBeen an egr forever and working for this company 3 years.Live with my wife and kids but fly to TX during work week, every week, at company expense and live in company paid corporate apartment. No plans, or company pressure to relocate.Wife has a steady light part-time job and stays home to raise the kids.They are saying I should refi as an investor?!?Its been over 45 days and I lost my lock because of their endless scrutiny on this issue.Is this really a problem? Maybe I should refi elsewhere? by scotti_766_889 from Tempe, Arizona. Apr 4th 2012
Sandy McKee (smckee)
#41 ranked lender in Arizona - 23 contributions
I do not see it as an issue and I am confident my underwriter will not either. Please call me to discuss. Thank you, Sandy McKee 520-907-3225
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Hey Scott... I'm not sure why your having a problem... it sounds like a no brainer... I'm here in Scottsdale and I am sure I can get this handled... WilliamAcres.com 480-287-5714
Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions
That shouldn't be an issue. It must be that lender's overlay. We should be able to help you. Give me a call. 888-320-7888 - www.MortgageWholesale.net - Ken
Joseph Afonso (jafonso)
#64 ranked lender in Arizona - 197 contributions
Scotti, we just closed a loan for a borrower who live in CO, and works in CA so we would be fine with this. Give us a call and we can discuss what we have to offer 602-531-7040
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
I would agree with all of the answers. I did one of these last year for someone commuting to Alaska. The answer lies in the documentation. As long as we can document the commute, it shouldn't be a problem. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com
Shon Atabaki (ShonAtabaki)
#48 ranked lender in Washington - 95 contributions
Lots of great responses to your question. You should definitely find a more sensible lender! Best of luck!!
J.D. Peck (TheJDPeckLendingTeam)
#44 ranked lender in Colorado - 82 contributions
You should have absolutely no problem with this. I'm questioning why the underwriter would even see this as an issue at all. If you and your family occupy the property, all utilities are in your name, your W-2's or 1099's are addressed to this residence and your paystubs are addressed to this residence, it's a no brainer. It is owner occupied. I've done several loans very similar to yours with people working in the oil industry. There should be absolutely no problem. Find a lender that knows what they're doing.
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