Moving Out of State? We’ve Got Your Home Loan Covered

With many people continuing to adjust as the pandemic recedes, you and your family may be ready for a bold move. You might want a change of scenery after a challenging period, or consider moving to a far-flung city as you transition to working from home permanently. Whether you're relocating across state lines, looking at a rental property to diversify your investment portfolio, or seeking a second home in a different location where you can kick back and relax, now may be the time to buy.

With summer upon us and historically low mortgage rates holding steady, First American Bank is ready to help make your home buying aspirations a reality with the right financial solution. Though First American Bank has branches in just three states—Illinois, Wisconsin, and Florida—our qualified loan officers can help you secure a retail loan for a home purchase almost anywhere in the U.S.¹ If you’re already a customer, the process is even simpler.  

Challenges when purchasing an out-of-state home

At First American Bank, time and time again we’re asked two questions: one, can I get a home loan from your bank if I reside outside of Illinois, Wisconsin, and Florida, and two, can I secure a loan with First American Bank if I currently live within your normal market but am looking to purchase a home outside of it?

The short answer is yes, except in Texas, Alaska and Hawaii. Securing a home loan for a property purchased out-of-state follows the same process as any other home loan: first, we determine if you qualify by assessing your credit history, savings, and current income. Then, we’ll weigh your various financing options, including conventional fixed-rate or adjustable (ARM) mortgages, government-backed FHA loans, Veterans Affairs (VA) loans, jumbo loans and more. Following inspections, you’ll submit updated income and asset documents, and your lender will work with the seller to ensure the house title is clear.   

Whether you’re moving into our existing market or outside of it, a First American Bank mortgage loan officer will guide you every step of the way. Even so, you may face a few extra snags when purchasing a home across state lines. Different tax regulations, fees, and the challenges of planning a big move and settling into a new city can add stress to an already challenging process. That’s why we’re focused on providing high-quality support no matter where you’re going. 

Make informed choices with help from our experts 

As you embark on your home ownership journey, you shouldn’t have to worry about whether your bank has your family’s best interests in mind. At First American Bank, our refined loan application process is speedy and standardized no matter where in the country you’re looking to settle. We’re dedicated to helping you navigate the loan process—so you can focus on the joys of home ownership.

The pandemic has brought about many changes—of location, and perspective. Maybe the silver lining for your family is realizing the value of leisure time at a home by a lake or in the mountains, or you have the flexibility to move to a more affordable city because your job is permanently remote. Whatever the case may be, First American Bank has always helped customers navigate the road to homeownership. Learn about our mortgage application process and get prequalified today.