Financing in Las Vegas>Question Details

Doeyzworld, Home Buyer in North Las Vegas, NV

Work in one state but want to buy in another?

Asked by Doeyzworld, North Las Vegas, NV Mon Feb 4, 2013

In 10 years I want to retire in ca but for now I live and work in Las Vegas, can I buy a home in ca. And live there on weekends and here durning the week ?

Help the community by answering this question:


Everyone has said all things that are true. First is the financing. As a second home or investment property, you will be required to put a minimum of 10% down on a conventional loan. These rates are a bit higher due to the risk. As you put more money down, the rate and mortgage insurance will go down(slightly). It is a matter of debt ratio with your current debts and what you are looking at for a new loan. So, can you refi your current home to get a lower rate first? This all needs to be discussed with a quality lender.
I have several lenders that are very familiar with second home and investor property loans that can assist you in the planing.
However, are you aware of the tax ramifications of retiring in CA? Also, I would check with a financial planner regarding this. With the state taxes of CA and property taxes, it takes a large chuck out of retirement income. This is a situation that you need to be aware of and plan for if this is the goal for yourself. As retirement gets closer, you need to get all the information you can for a big decision like this. This includes what to do with the Las Vegas house once you retire. I E selling it or using it as a long term rental property(another reason to look to refi to the lowest possible rate or pay it off)

James Battaglia
Elite Realty
Property Manager
1 vote Thank Flag Link Thu Feb 7, 2013
Yes you can buy a second home in another state as long as the debt-income ratios are in check with holding the two properties. I would be happy to get you pre-approved. You can call me at 262-649-5439 or email
0 votes Thank Flag Link Tue Feb 5, 2013
You need to discuss your financing option is with a good lender. Email me if you are intereted in speaking to the lenders we work with.

Best Regards,
Robert Adams
The Adams Team at
Rothwell Gornt Companies
0 votes Thank Flag Link Tue Feb 5, 2013
Hello Doey, I would like to share my lender response to your question;
In regards to the question of whether you can purchase a home in California but live in Las Vegas the answer is definitely “YES”. Buying a vacation home or second home is very common as people get closer to retirement age. The requirements for the loan increase slightly such as the level of down payment. Usually a down payment of 10-15% is required since this occupancy type carries a little more risk to the investors. Interest rates are the same as purchasing a owner occupied residence. Some of the requirements for asset reserves also increase. If you have any other questions please contact me at your convenience I would be happy to answer them.

Jason Hill

Mortgage Loan Consultant (NMLS ID 377676)

W.J. Bradley Mortgage LLC. (Nevada License #504)

2200 Paseo Verde Pkwy Suite 150

Henderson, NV 89052

702-768-8898 cell phone

702-441-0280 fax email
0 votes Thank Flag Link Tue Feb 5, 2013
Adriana is correct - if you will be living there on the weekends and not renting it out on a permanent basis, it'd be considered a 2nd home/vacation home and not an investment property. 2nd homes can be purchased with as little as 10% down, but per the details you listed in your other question at… you'll most likely be looking at having to put 20% down.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
0 votes Thank Flag Link Mon Feb 4, 2013
You can live anywhere you want to. However, if you are buying in another state, you would be an investor as your job is here and you would have to put 20% down on the home.
0 votes Thank Flag Link Mon Feb 4, 2013
why would they have to put 20% down ?
Flag Mon Feb 4, 2013
Of course, it will be your second home can get Lender from CA or NV, ph # 702-324-6874, his name is Kirk Alexander. The best of luck!
0 votes Thank Flag Link Mon Feb 4, 2013
Absolutely. You can begin a high-quality search here ---> ...... and if you need financing, begin here --->
0 votes Thank Flag Link Mon Feb 4, 2013
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