Diane Valadon, Home Buyer in Bakersfield, CA

I have a question. We rented our home out and it's leased for 5 years min. We purchased our permanent home in Coarsegold, CA June 2010; escrow

Asked by Diane Valadon, Bakersfield, CA Tue Nov 1, 2011

closed. Our plumbing business as "exploded" back in Bakersfield and my husband is and has been living there for over a year hardly ever coming home. He is staying in a 30' trailer in our shop in Bakersfield. He needs to rent an apartment, but would rather buy a house instead. Would this be considered a primary home for Paul as he is working in Bakersfield and has3-4 year contracts at one customer alone???? I wouldn't think it was a second home?? Or would our business being incorporated be able to buy it???

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Yes becuase it has been 3 years since you bought the other home and the rental is on a long term lease it sounds like we could do that as a primary residence.

We would need a copy of the lease and letter of explanation.

If the property in Coarsegold is upside down, you will run into problems. In that case calling the new home a 2nd home might get you around that and the terms are very favorable on the 2nd homes.

Contact me if you would like to be prequalified there is a no cost an no obliagation, it would then help you make a decission as to what the payments might be, down payment and then you will be able to make an informed decission.

949-930-1210
0 votes Thank Flag Link Mon Jun 17, 2013
Diane,

Your scenario sounds like something that you could make work. The first step is to speak with a local lender and figure out what loan package would work best for you and then you can begin to look for a property that might work for your husband. I do service the Bakersfield area, please let me know if there's anything I can help you with...including referring a great lender for you to speak with.

Good luck!

Tesa Noonan 661-717-3394
0 votes Thank Flag Link Tue Nov 1, 2011
If there is a legit reason to purchase a home as a primary residence (such as there is work in the area where you are purchasing a home, and there are plans to remain there for a year or longer) then it should be able to be done as a primary residence. A well written explanation on the reasons it'd be lived in as the primary residence would be required, as well as some supporting evidence (such as the business your husband runs in Bakersfield) but something like this isn't too uncommon. It also far enough away from Coarsegold (~150 miles) that an underwriter wouldn't need tons of supporting documentation, but it would certainly need to make sense.
0 votes Thank Flag Link Tue Nov 1, 2011
Diane,

A lot of the best answers to your questions depend on the purchase price of the home and the amount you'd like to make as a down payment. From there, I would be able to tell you the best way to structure any financing, whether it's FHA, conventional or otherwise. As for purchasing a home through the business, that would introduce a new set of criteria you'd need to consider. I can help you with all of these if you'd like, and I'm here in CA. Get in touch at your convenience!

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes Thank Flag Link Tue Nov 1, 2011
Hi Diane,
It is best to ask a tax professional these questions.
Good luck,
0 votes Thank Flag Link Tue Nov 1, 2011
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