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)
The Adams Team at
Rothwell Gornt Companies
In regards to the question of whether you can purchase a home in California but live in Las Vegas the answer is definitely â€œYESâ€. 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.
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
Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct