Home Buying in Tucson>Question Details

Tonyrguez74, Home Buyer in Tucson, AZ

I have a FHA loan , I am looking to buy a second home, I am thinking to live in this new one, can I have a loan with home path. and how much down.

Asked by Tonyrguez74, Tucson, AZ Mon Apr 22, 2013

Help the community by answering this question:

Answers

9
Tony,
Lending requirements change periodically, so best to select a qualified lender to place your trust in, and ask them this question. They will need to know specifics about the home you hope to buy, and whether it will be your primary residence.

If you would like the help of a competent buyer's agent and lending professional, I would love the opportunity to help you!

Kat Tyree, Associate Broker
TucsonKat@gmail.com
520-730-5540
1 vote Thank Flag Link Tue Apr 30, 2013
Hello Tony, you may be able to qualify for the homepath mortgage if the house qualifies for it. There may be other options for you as well that you may want to consider. Happy to discuss them with you. Minette

This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Other limitations may apply.

http://www.GoodMortgageInTucson.com

Minette Goldsmith-Fairway Independent Mortgage Corp. 5401 N. Oracle Road Tucson AZ 85704

520 975-3909

L.O. NMLS# 261487 AZ L.O. License #0912618, FIMC # 2289, AZ BK #0904162 Equal Housing Lender
0 votes Thank Flag Link Tue Apr 23, 2013
Hello Tony, please contact me when you have a moment, I'd like to discuss your option further with you. I look forward to assisting you in your real estate needs.

Regards,
Javier Guillen, REALTOR
Keller Williams Southern AZ
(520) 304-8991
Javierg@kw.com
0 votes Thank Flag Link Tue Apr 23, 2013
Where do you live now? For a home to be a second home it has to be more than 75 miles from your other home. Otherwise, one of the homes is an investment home. The home path loans are for primary residences, so if you buy a homepath home, then it must become your primary residence. The other would be a second home or a rental (investment) property. This can all work, but you need your real estate team, ie a lender you can trust, an agent that can help you find the homes, and possibly an escrow agent that can answer your questions.
I would be greatful for a chance to work with you.
Doug Seemann
Long Realty
520-370-8907
dougs@longrealty.com
0 votes Thank Flag Link Mon Apr 22, 2013
Thanks, Tom. You are always right on. Tom Heath would be a great source for you.
0 votes Thank Flag Link Mon Apr 22, 2013
Tony,

This may be just the right solution for you. If you purchase as a primary residence the Homepath minimum down payment is 3%. We can explore the various options to make sure that is the best solution for your needs.

The underwriter will question the motivation of this move. They will want to know if you are upsizing, or down sizing. Are you moving closer to work, school or family..etc. What the plan is for you current home. These questions are not a reflection of you, but the reality of the market we are in. All files are heaviliy scrutinzed to make sure the right people are getting the right loan.

If I can be of help, feel free to contact me.

Tom Heath
http://www.theheathteam.com
Tom@theheathteam.com
520-271-7495
0 votes Thank Flag Link Mon Apr 22, 2013
Good question to ask a lender and see what the rules are for FHA.

Good luck.

Spirit


Spirit Messingham, PLLC
3rd Generation Full-Time Realtor®
Tierra Antigua Realty
Direct (520) 471-6900
Fax (866) 365-5208
SpiritRealty@cox.net
http://www.TierraAntigua.com
0 votes Thank Flag Link Mon Apr 22, 2013
It is very possible, but a local lender will need to check into your qualification. Contact me and I can refer you to a couple of good ones to get started with. You would probably have to go conventional on the second loan but it is probably doable if you have the credit and the income to support both homes. Let me know and we can get this started.
0 votes Thank Flag Link Mon Apr 22, 2013
Hi Tony,

This is very much a possibility. Shoot me an email or give me a call so that I can put you in touch with a local lender that specializes in both of these loan products. Typically, it is all about the home you declare as your PRIMARY residence.

I look forward to speaking with you soon!'

Regards,
Michael Shiner
http://www.tucsonrealestateliving.com
0 votes Thank Flag Link Mon Apr 22, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer