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When looking at buying a home in another state, can you use the bank in your current state?

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In Illinois looking to buy in FL.

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July 03 - Peoria

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Reba Haas, "reba_haas"
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Reba Haas, "reba_haas"

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The bank's decision to allow the out of state purchase may also fall upon the reason for your purchase. If you are buying speculatively in another state, they may choose not to loan to you, or may have a very high down payment requirement. If you're buying in FL, then you definitely want to make sure that you have someone locally there to help you navigate if what you'll be buying is valued correctly.

Some states have dropped new, investor type purchases in areas outside of their main presence because of the high default rates in investor loans.I would suggest you call a few banks (larger ones) near you to ask them directly. Also, if you do decide to purchase out of state, whether for investment or a 2nd home, ask agents in the area where you're purchasing if any local lenders may have more leeway on lending to you with respect to down payment requirements and such. Be aware that most of them won't lend to you unless you have other accounts (like checking or savings) with them.

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July 15

Yolanda Hoversten, "Yolanda Hoversten"
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Yolanda Hoversten, "Yolanda Hoversten"

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You received some good answers already, and I only want to add that dealing with a local bank/lender is best because of rules regulating the industry and local practice.

A local lender can also be present at closing and more available if there are issues that arise during the process.

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July 15

Gene Mundt, "profmortgagebanker"
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Gene Mundt, "profmortgagebanker"

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Woodrat:
Your current Illinois bank would have to be licensed in the state of Florida also. Some banks or lenders are licensed to write loans in multiple states or write loans nationwide, others are not. You will have to inquire with your present bank to see if they fulfill that requirement/licensing.
If you have further questions or needs, please write.

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July 06

Ken Kopper
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Ken Kopper

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As long as that bank and or loan officer is operating under a federal charter or is licensed in the state of FL you should be fine.

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July 03

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July 15

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When looking at buying a home in another state, can you use the bank in your current state?

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