Self Employed, FHA Loans Moving Across State Lines?

[Brendan Lawrence]

Hey guys!

Does anybody here have experience with FHA loans when it comes to moving to another state?

I'm a General Contractor out of Oregon and we've been wanting to move back New England for a couple years now.  We do new construction and additions mostly and we want to build new when we move back east.

I understand that you can get approved for FHA loans for new construction that include both the land AND the cost of construction. Being in the trades I'm no stranger to the joys of installment payments from lenders so those hurdles are just another day in life as far as I'm concerned. (Construction in general tends be a fun game of collection agency, regardless).

The part I'm not finding any literature on is in regards to moving across state lines as a self employed individual. I've been self employed for 12 years, and we got pre-approved for the max amount under FHA this past spring. I only say that part to verify that as far as purchasing IN STATE, we show up as a green light in Oregon.

Does anybody know if this will be the same if we pick a property in say, Maine or Vermont? Being self employed it goes without saying that there stands a good chance I'd be taking a financial hit during an interstate move, unless I ran a company with multiple employees. If I was a lender I wouldn't lend to me under these circumstances unless I could prove that I have contracts waiting for me. I plan to pay my LLC to build the house when we relocate, so I'd technically be creating myself a 6-12 month long job from the start. I'm not sure if this qualifies though.

Any information will be helpful, and here's to happy holidays!