Question /biz/ I'm looking to take out a mortgage for a

Anyone?

>>1461302
Why do you think you need to send your wife away?

Your bank might not loan for out-of-state property but they'd be able to point you in the right direction if that were the case.

If you have enough equity in your primary home that could be compelling enough.

Considering you're CA and that TX house is only $80k, it shouldn't be that hard to get a mortgage.

If it was, refinance your CA home and use the money to buy it outright

So just go to Dallas and find a bank

>>1461302
Don't. Fucking. Lie.

Most mortgage companies nowadays are VERY suspicious of news loans, almost as if it would fix the issues they caused in '08. As a result of which, they'll very quickly find out if you try to pull some shenanigans. Hell, I had mine ask for info on checks I cut 5 years earlier.

Just be straightforward: you want property out-of-state, you have the dough for a hefty down payment, you don't have plans to rent it but will treat it as a sort of second home.

(Also: Get a GFE from one lender, send it to others, get them to beat it, get the "winning" GFE, send it to the other lenders, repeat. This is how I got a 3.0% mortgage)

>>1461302
It depends on a lot of things.

What's your income situation? Do you have good credit? Is your wife cosigning? If so, What's your wife's income and credit like? The most important question though, and the most determinant factor of whether the deal will work or not, is how much money are you willing to lay on the table for a down payment kemosabe?

Also I don't think you need to explain this to them, but I'm curious, why are you sending your wife away to live in Texas?

>>1461481
I have great credit. 780 score. Never missed a payment. My dad will probably cosign for me and he makes over 100K here in San Francisco. I understand owner-occupancy loans only need you to live in the house for 1 year. I'll also be sending my mom there who is on disability as a sort of home for her, but if I'm taking out a mortgage my wife will have to live there for a year. Then my mom can maintain the house for whatever she gets a month. At the end of everything I get a house my mom pays for and I can set her up with something nice for the time being.

Avoid Audelia rd at all costs. Search for "far north dallas" if you want cheap condos

>>1461302
Nice find. Thanks OP. I'm gunna put a full cash offer in tomorrow morning.

>>1461302
dont borrow money in an interest rate increase environment.

>>1461440
actually because it's 80k he most likely won't find anyone willing to waste their time, and if he does, that person is most likely incompetent to the point where they'll take any business as they are desperate

>>1461578

>Full cash
>shitty condo in Dallas

Not even once.