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Old 03-17-2012, 06:24 PM
 
1 posts, read 1,460 times
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I live in vegas, but work out of state...My loan officer is telling me that because i work out of state that i can not get a loan for a home. Does anyone know if this is true?
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Old 03-17-2012, 06:30 PM
 
Location: Las Vegas, NV
901 posts, read 1,906,130 times
Reputation: 1044
Find a different loan officer. I work out of state and got a mortgage here no problem.
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Old 03-17-2012, 06:45 PM
 
579 posts, read 1,002,057 times
Reputation: 371
I was moving to Las Vegas to help a company that had employed me for 3 years and went through hell to get a loan, even though I had perfect credit, no debt, an income easily covering the mortgage, and large assets. The concern was that the company I was working for did not have an office in Las Vegas yet, which was the point, we were expanding. Every situation is different, but you may run into problems like I did. I finally got the loan, but it was a nightmare.
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Old 03-17-2012, 07:46 PM
 
Location: Paradise
3,663 posts, read 5,696,550 times
Reputation: 4870
I have a great loan officer if you need one. She is really on her game.
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Old 03-17-2012, 08:54 PM
 
787 posts, read 1,781,695 times
Reputation: 430
When I bought my house in Vegas in 2010, I was living in NJ, and self-employed, making my income from clients mostly in the Northeast. I had to provide all kinds of documentation and written letters from clients saying that they would continue to be my client after the move, etc, but I got the loan and closed within 45 days of making the offer.

Sounds like you need a new loan officer.
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Old 03-18-2012, 12:08 AM
 
2,723 posts, read 4,779,799 times
Reputation: 1042
The Dodd-Frank Wall Street Reform and Consumer Protection Act has a section which deals specifically with residential mortgage standards. The mortgage originator must now verify the borrowers ability to pay, any violation of the ability to pay standard may be raised as a foreclosure defense by a borrower against a lender without regard to any statute of limitations.
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Old 03-18-2012, 09:45 AM
 
Location: Las Vegas
526 posts, read 836,732 times
Reputation: 641
Get a new loan person.
Bought house in November 2011. Live and work in Cape Cod, MA.
Closed on loan for foreclosed home in 30 days.
PM me if you need name of great mortgage company.
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Old 03-18-2012, 05:25 PM
 
2,723 posts, read 4,779,799 times
Reputation: 1042
Quote:
Originally Posted by tadtam View Post
Get a new loan person.
Bought house in November 2011. Live and work in Cape Cod, MA.
Closed on loan for foreclosed home in 30 days.
PM me if you need name of great mortgage company.
Cape Cod... the place where you can get a free pizza with your vasectomy!
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Old 03-18-2012, 09:50 PM
 
6,390 posts, read 11,940,706 times
Reputation: 6896
Quote:
Originally Posted by eventusstultorummagister View Post
The Dodd-Frank Wall Street Reform and Consumer Protection Act has a section which deals specifically with residential mortgage standards. The mortgage originator must now verify the borrowers ability to pay, any violation of the ability to pay standard may be raised as a foreclosure defense by a borrower against a lender without regard to any statute of limitations.
Umm what does this have to do with this particular situation? Stupid rule anyways, proving the ability to pay is easily circumvented through many ways some above board and others not so much.
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Old 03-18-2012, 10:55 PM
 
Location: Las Vegas
131 posts, read 403,122 times
Reputation: 115
Find another lender
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