Home Buying in Los Angeles>Question Details

Fradann@gmai…, Home Buyer in

I am purchasing a 2nd home. What's the best way to go about financing arrangement's for that. I am already part owner of a residence that I live in.

Asked by Fradann@gmail.com, Sat Feb 16, 2013

My mom and I own my current home. I've recently refinanced, but didn't take out any money. I'm looking for the best rates and financing arrangement.

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Jodi Gonzalez’s answer
Actually, new guidelines allow a home to be considered as a primary residence if the home owned is for an elderly parent. So if you own your current home with your mom, you can still purchase your home as a primary residence which will allow you to take advantage of the lower interest rates and low down payment options versus second home or investment home loans. If you would like more information, feel free to contact me anytime!

Sincerely,
Jodi Gonzalez
Omni Fund INC
DRE License# 01895861
NMLS License# 926476
Real Estate and Finance
Direct: (626)863-5220
Fax: (626)872-6805
jodigonzalez@ymail.com
1 vote Thank Flag Link Fri Feb 22, 2013
BEST ANSWER
Hi,

You should contact any bank or mortgage broker to get pre-approved for a loan so you can see how much you can afford.

After that, you should contact a real estate agent to help you find the homes that are currently available. I would be happy to refer to you a few good mortgage brokers and also help you start searching for your second home!

Please feel free to contact me at (310) 717-1321 or JamieTian@RodeoRE.com with any questions or concerns.

Best Regards,

Jamie Tian
Rodeo Realty
(310) 717-1321
JamieTian@RodeoRE.com
DRE #01920120
Web Reference: http://www.JamieTian.com
1 vote Thank Flag Link Sat Feb 16, 2013
If you are going to live in the home you can purchase it owner occupied. If it truly is a 2nd home you can purchase with 10% down. I can tailor this loan just for your needs. I can also look for the Best interest rate for you. You can get pre approved with me so you would be ready to purchase when you are ready.

http://www.mwfav.com
Gabriella Godde
661-713-3460 Pre quals 24/7
1 vote Thank Flag Link Sun Feb 17, 2013
Fradann - how will you use the new home you are buying? Would you be living in it as your primary residence, using it as a vacation home, or using it as a rental property?

When you recently refinanced, did you refinance that as your primary residence?

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
1 vote Thank Flag Link Sat Feb 16, 2013
Good questions. The home (likely a condo) that I will purchase WILL be my primary residence.
When I recently refinanced my current home (owned with my mom) it was refinanced as a primary residence.
Flag Sat Feb 23, 2013
Get in contact with a direct lender for pre-approval qualifications. Your owner occupied monthly expenses + other personal monthly debts + principal, taxes and insurance will be calculated on 2nd home. Lender will consider if 2nd home not-rented or rented. I realize that current home only responsible for 1/2 housing expense. For best rates and terms you will have to shop the loan. Explain that new loan for 2nd home rates and terms may differ. Lender will consider your job history, income and credit rating.
0 votes Thank Flag Link Mon Feb 18, 2013
It only takes a few dozen questions to qualify you in minutes for the options available to you. Here is a list of the documents you need to gather for processing a loan approval, DU Approval or pre-approval letter to be able to look at and submit offers on homes of your choice.
http://tinyurl.com/9m2rsb2

Are you on title of the home your currently living in? Depending on the purpose of residency, your down payment is going to be from half percent down with a minimum 580 fico score for owner occupied, 10% down for second home - vacation home, 20% down non owner occupied. Here are some links to study and consider.

http://www.under640ficoscoreloans.com/Pages/Conventional.aspx

http://www.under640ficoscoreloans.com/Pages/FHA.aspx

http://www.under640ficoscoreloans.com/Pages/CHDAPLoans.aspx

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
0 votes Thank Flag Link Sun Feb 17, 2013
Hi Fradann:

The questions posed by Shane and the intended use of the second home will determine the type of financing you can qualify for. Your second home can be classified as either your investment property or primary residence.

Consult a local loan officer to assist you in this matter.

Best of Luck.
0 votes Thank Flag Link Sun Feb 17, 2013
As a second home that is obviosly not going to be your primary residence, you'll need at least 25% down.
Go to your bank or call Steve at (310) 415-0851 from Midgate Mortgage for a pre approval.Once you have that you can start your search.

To look at active listings go to
http://www.gallatingroup.net
0 votes Thank Flag Link Sat Feb 16, 2013
You may qualify for 10% down with minimum 680 or 620 with 25% down conventional. It only takes a few dozen questions to qualify you in minutes.

I specialize in Under 640 Fico Score Loans and offer credti repair at no cost to raise fico scores to qualify. Here are some links to study and consider.

http://www.under640ficoscoreloans.com/Pages/Conventional.aspx

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
9am till 9pm 7 days
http://youtu.be/MrygA2_8fAY
0 votes Thank Flag Link Sat Feb 16, 2013
You may qualify for a second fha loan and buy with as low as 3.5%down payment if you can prove that your mom has been making the mortgage payment for the last 12 months ,you need 12 cancelled checks .,thats not the only thing you need to qualify for a new loan you also have to show that you make enough money to pay for a second mortgage ,that you are moving to a bigger place ,better area ect .call me to set an appointment with my lender

Melvin Castro
310 930 6572
0 votes Thank Flag Link Sat Feb 16, 2013
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