I am planning to buy a house in collegeville and am planning to move there soon, I really want to move to this area as I have some of my good friends around and I like it because it has new houses am working with my employer to relocate me there. If I buy a house and take the mortgage on this house as primary residence and later if I am unable to move (if job does not allows) for 1-2 yrs and rent this house for that time. Would it be treated as investment property ? What will happen in that case do I pay any penalty ? I think I wud get a transfer if not now then in 6 mnths or 1 yr but want to have all the info before I move ahead
Kevin,
Living in and around the Collegeville area since 1968, I'll be able to help you with anything that you need in the Collegeville area. (Perkiomen Valley) My primary business is Real Estate. My other specialty's in Collegeville and the Perkiomen Valley are: where to fish, where to get a haircut, where you find the Mayor during the day, where to shop, where to eat, where to take your family on a sunny or rainy day, how to arrange to talk to the 9th grade English teacher at Perkiomen Valley or how to arrange a meeting with the local Chief of Police. Interested in moving to Collegeville? If you need a representative to find you a home you'll be happy with, call or text me. 610-291-0812.
Mike
Hi Kevin! Collegeville is a GREAT place to purchase a home (it's where I've lived for the past 11 years:) Home sales there are steady and homes hold their values well -- even in this tougher market.
I'm a bit confused: are you saying that you're not sure if you'll be relocating to Collegeville yet? Not knowing the location to which you'll be relocating certainly makes your home search tougher:) (By the way, you can search 1000s of homes in and around the greater Collegeville area at http://www.CollegevilleAreaHomes.com.)
I don't know that you would be assessed a "penalty"; however, you must be careful to abide by the requirements/program documents associated with your loan. I would direct you to 2 mortgage guys I use all the time. They're both FABULOUS: John Quattrochhi with First American Mortgage (johnq@fammortgage.com; cell: (215) 630-9567); and Mike Storti with Mortgage Mobility (mike@mortgagemobility.com; cell: (610) 842-8212).
Feel free to call me direct at (610) 324-5240 if you have ANY questions about the Collegeville, PA area. I just LOVE it!!:)
Good luck and blessings to you.............
Warmly,
Judy
Judy May, Esquire, REALTOR
"A Refreshingly Different Real Estate Experience"
http://www.JudysFineHomes.com
Judy.May@Century21.com
CENTURY 21 Alliance
2828 Audubon Village Drive
Audubon PA 19403
O: (610) 666-0202 x. 226
C: (610) 324-5240 (preferred)
Search 1000s of homes!
http://www.CollegevilleAreaHomes.com
Hello, Kevin,
If you purchase a home with an "owner occupied" mortgage, then you are technically not supposed to use it as a rental property. If you are not planning to stay in your home for at least 3-5 years, you may be better off renting.
If you would like to find out about property values in that area, please go to http://www.carolworks4you.com and get a free market snapshot sent directly to your email.
Carol Cei
ReMax Millennium
carolcei@remax.net
215-643-9661
Kevin,
I would love to speak more about this with you. I work and live in collegeville, if interested please feel free to give me a call.
Andrew Himes, CRS, ABR, e-PRO
Prudential Fox & Roach Realtors
Collegeville office
267.231.8255
Andrew@andrewhimes.com
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