House Hacking
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 2 years ago,
FHA 203k loan for moving out of state
Good morning BP!
I am currently looking to buy a small multi family with an FHA 203k loan. My short term goal is to buy a property, fix it up, rent the other units and move into the vacant one for a year. Sounds great, but I am curious about how this would work if I were to target a property out of state.... I am from NJ, lived in Pensacola, FL for 2 years, but moved back to NJ for a different job (and a girl - now my wife so I guess I made the right call). Anyway, we are looking to sell or rent our home in NJ and spend some time in sunny FL while we both have the opportunity to work from home. My Mom lives in Pensacola, and I always loved the area, so that's where we're looking.
Does anyone have any experience with out of state FHA loans and could lend some insight? How would the process of hiring the FHA 203k consultant go? Would I have to be there physically for anything other than the close? Would there be a lot of questions from the lender about moving from NJ to FL? Perhaps they would require a letter from our bosses stating we could in fact work from home and move?
the 203k loan product is such a great way to leverage and get started in Real Estate, so I am really trying to find a way to make this work.
Thanks for reading and sharing,
Emilio