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Updated over 1 year ago on . Most recent reply
Can a bank deny a mortgaged based on where you live?
Some background, I used to live in area X for two years. I am now living in area Y (multiple states away). I want to buy an investment property in area x and the bank is saying because I don't live in the area anymore they wont lend me the money. I have multiple properties in area X, some were financed by this bank prior to me moving away. Is this a thing?
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#2 Creative Real Estate Financing Contributor
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#2 Creative Real Estate Financing Contributor
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- Dallas, TX
Quote from @Don Li:
Some background, I used to live in area X for two years. I am now living in area Y (multiple states away). I want to buy an investment property in area x and the bank is saying because I don't live in the area anymore they wont lend me the money. I have multiple properties in area X, some were financed by this bank prior to me moving away. Is this a thing?
Yes, some banks want you to be local for a non-owner occupied property. Call a broker who will be able to get you a conventional or DSCR loan (whatever fits your needs) and they will have no such limitation.
- Jay Hurst
