Saturday, February 7, 2009

Do you have to live in Florida to be approved for a mortgage in Florida

Do you have to live in Florida to be approved for a mortgage in Florida?
I moved from Florida to North Carolina four years ago and am planning on moving back to Florida. Someone told me that I have to live in Florida for 30 days in order to be approved for a mortgage in Florida. Has anyone heard of this? If this is true than I will have to rent a home before I can buy one which is not want I had planned on doing. I am not kidding you but the "someone" that I received this information from is a real estate agent in Florida!
Renting & Real Estate - 4 Answers
Random Answers, Critics, Comments, Opinions :
1 :
"Someone" is sadly misinformed. That makes no sense whatsoever, unless you have some unusual circumstances or are trying to apply for a state or county subsidized loan designated for state residents. If you want to purchase a home in FL, just apply for a mortgage with the lender of your choice.
2 :
"Someone" is an idiot.
3 :
"snicker" On a side-note, if you purchase while still living in NC the property will be considered non-owner occupied. The rate for the mortgage (if you need financing) is much higher and you'll need a larger down-payment.
4 :
FL has big issues with people claiming that they intend to use a property as a "primary owner ocuppied", this reduces the interest rate, allows people to qualify for FHA and down payment programs. Now that every lender is tightening up and sticking to the terms in the note, they are not going to believe you plan ro reside in FL full-time if you don't already live there. You can probably get approved for an investment property or 2nd home mortgage but you will pay a higher rate and points.