i have my own bussiness in new york city but i want to buy a house in pasadena maryland, can i qualify to have a fha loan by llizelthdelopez from Pasadena, Maryland. Jun 28th 2011
Just like the other lenders said-you would have to make the home your primary residence as FHA only lends on this type of occupancy. That measn you would have to file taxes in that state and have a valid drivers license. If you are a veteran you can buy a home for 90% LTV and if it is a fannie mae home path home you can also obtain 90% LTV with the proper qualifications.
Having worked in one state and lived in another, I definitely buy in to your situation but it will ultimately come down to what an underwriter or lenders believes here. Working in NYC and living in MD in not that much of a stretch IMHO and I know people who do it albeit have an apartment in NYC and spend long weekends in MD. I would suggest drafting a detailed Letter of Explanation and getting it reviewed/preapproved by a lender before you start placing offers on properties. I can see where you might encounter resistance here but you should be able to do this.
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