Financing in Maine>Question Details

steve, Home Buyer in Dallas, TX

What is required for my mom (retired and lives in CA) to buy a second home in Maine and rent it to me? I don't qualify for a mortgage

Asked by steve, Dallas, TX Sun May 26, 2013

(foreclosed).

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Hi Steve,

What area of Maine are you interested in living? A Realtor that services the area where you want your Mom to purchase a house will be able to help you.

You can contact me at renee@kingrealestate.com or call me at 207-491-7388 if I can be of any help to you.

Renee Targett
King Real Estate
0 votes Thank Flag Link Sun May 26, 2013
Steve, If your mother has cash or qualifies for a mortgage to purchase a 2nd home (different lenders will have different programs and loan products available), she would locate a REALTOR in the area of Maine where she wants to purchase a home, locate a property that is satisfactory, and purchase it. After she owns the home, you could sign a lease agreement that spells out the terms of the rental arrangement - length of lease, rental payment, and which party will pay for utilities, insurance, taxes, etc. This would be an income or investment property for your mother, so she would also want to check with her accountant to see if this arrangement makes sense for her financially. If your mom does need a mortgage, she could go through a national lender with a branch near the town where you want to purchase, or a REALTOR can give her the names of local lenders (which I recommend). Good luck!
0 votes Thank Flag Link Sun May 26, 2013
Hi Steve,

I'm not really sure what you're asking. Your mom can buy a home in Maine presumming she can show she is a qualified buyer. My best advice would be for you or your mom to get yourself a local Maine agent. Since you are both out of state, your agent can set you up to receive all the current listings meeting your criteria. Will you be coming to Maine to view the potential homes before buying? Of course that would be the recommended thing to do. Either way, having an agent working for you will be invalualble.
If you have any questions feel free to contact me.

Diana Downs, Realtor®
ERA Dawson Bradford
417 Main St., Bangor, ME 04401
C - 207-735-6988 F - 207-941-9866
dianadowns@eradawson.com
http://DianaDowns.com
http://facebook.com/Diana.Downs.Maine.Real.Estate
0 votes Thank Flag Link Sun May 26, 2013
If your mother qualifies for a loan or has cash to pay for a home in Maine, she could buy it and rent it to you.

Steve, I'd be delighted to educate you on the process and brainstorm scenarios with you. Feel free to contact me this week at:

CJ Dubois-Cote, Prudential Prime Properties, 207-615-1663 or cindy@prubay.com

I look forward to hearing from you.
0 votes Thank Flag Link Sun May 26, 2013
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