Financing An Out of State Purchase

[Frank Schwarz]

I'm getting a few answers about financing an out of state purchase.

I want to buy out of state but a mortgage broker said I should be in the state.

I have 20% down and the numbers will work great.

We just sold our main home and used the proceeds to pay off every debt minus college loans. 

Credit is fair at 650 to 670 (it keeps changing because we just paid everything off within the last 45 days.)

Frontend debt ratio: 6.29%

Backend debt ratio: 13.43%

This will be a rental unit (not sure if that matters).

Are there any rules I haven't heard about that would stop anyone from considering a mortgage? 

I appreciate the help!