Can you buying a house far away from work?

However, most lenders want to see that a homebuyer has a reasonable distance to their place of employment. In general, lenders want to see no more than a 60 miles distance from a borrower’s primary residence to their place of employment.

Is it worth it to live close to work?

The advantages are clear. If you live closer to work, your commute is shorter. If you can shave 15 minutes off of your commute each way, then that’s another half an hour each day that’s available to you for personal use. If you shave 30 minutes off of your commute, that’s another hour each workday.

How far do you have to be out of work for an FHA loan?

Job Relocation and FHA 100 Mile Rule The FHA 100 mile rule allows a buyer to retain their FHA loan on their prior residence and finance another home with another FHA mortgage. In order to obtain another FHA mortgage without selling the other home, the buyer must: Relocate for an employment-related reason.

Should you buy a house farther away from work?

This analysis is for the Washington, D.C. area and is from the report Belway Burden ( PDF 16 Mb) by the Urban Land Institute, ©2009 and is reproduced by permission. A common mistake is to buy a house farther away from work, thinking that you’ll save money because houses are cheaper and bigger farther out.

How much does it cost you to live far away from work?

In fact, each extra mile from work costs you around $100,000 over your working life. A typical working couple living just ten miles farther away from work often forfeits around a million dollars in wealth.

Can I buy a primary home if I work from home?

For example it’s not going to make sense you are buying a primary home if you work two hours away from where you live leaving you to commute four hours per day five days per week. Such a scenario would be difficult for an underwriter to believe without some other additional layer of support detailing the unique circumstance.

Is it cheaper to live far away or closer to home?

While houses get cheaper farther out, transportation costs get even more expensive, making the overall cost of living up to 15 miles away more than the cost of living closer. Longer commutes waste time. Adding just 20 minutes each way on your commute wastes an extra 167 hours a year.