Home Buying in 07003>Question Details

Tc, Home Buyer in Bloomfield, NJ

I would like to buy in Mentone, CA., but I currently live in New Jersey, eventually relocating. Are there rules regarding owner occupation in CA?

Asked by Tc, Bloomfield, NJ Sun Feb 21, 2010

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TC,

I just read Fred Glick's comment below.... if you are relocating and buying in California and living in that house as your primary residence, this is your primary residence. Claiming your property in NJ as the primary and using the CA property as a second home would be considered fraud, if this is not the case. Even if you did this as tax purposes. Be very careful of what information that you are given.

Yes, rates on a second home are the same... but when going for a mortgage as a second home, the requirements have become more stricter and you need depending on your cash, you might need to put more down as a second home than if you went FHA as a primary residence.

Overall, people can't give you any more advice because we aren't sure of what you are dealing with by the question that you asked. As I stated again, it depends on the fact if you have a mortgage now and if so, do you have a FHA mortgage. The next concern would be your credit scores, because certain mortgages might be more expensive than the other depending on your credit scores, even if you are putting 20% down. I have written about these differences here :

http://activerain.com/blogsview/1459651/fha-loans-vs-convent… With 20% down....

http://activerain.com/blogsview/1459651/fha-loans-vs-convent… With 20% down...

http://activerain.com/blogsview/1143223/fha-loans-vs-convent… With 5% down....


Thanks,
jeff
0 votes Thank Flag Link Sun Feb 21, 2010
If you are not going to rent it out, it may qualify as a 2nd home for now.

The interest rates are the same as a primary residence for loans.

Also, talk with your accountant about what place is better as a primary residence for your taxes.
Web Reference: http://fredglick.com
0 votes Thank Flag Link Sun Feb 21, 2010
TC,

I just read the answer that was given below me from Carl. In regards to your question, the deed has nothing to do with your question. Yes, property and land types could be issues when buying a property, but that wasn't your questions. The only thing you need to be aware of at this point, is if you currently own a home and if so, what kind of mortgage you have on that property. And if so, if you aren't selling that property in NJ and using it as an investment property. That should be your only concern and dealing with a loan officer in California, hoping that the loan officer knows what they are doing. I only say this because I received about 8 e-mails and or phone calls from borrowers in California last year that were dealing with loan officers or lenders that were delaying their settlements or denied their loans last minute. This was because they didn't catch some important things upfront. A great example is the topic that I mentioned below, about having 2 FHA mortgages. Many don't know the rules and guidelines, so my only advice, just be careful. And as I mentioned, I know a loan officer out in California who has been in business for 23 years and she knows what she is doing.

thanks,
jeff

Jeffrey J. Belonger
Area Manager

Infinity Home Mortgage Company, Inc
Processing : 800-587-2762
Cell : 609-440-5133
Fax : 775-361-6619
e-mail : jbelonger@ihmci.com
0 votes Thank Flag Link Sun Feb 21, 2010
TC,

Do you currently own a home in New Jersey? And if so, do you have a FHA mortgage on that property? You can have two FHA mortgages, but there are requirements for this to happen. I wrote about it here : http://activerain.com/blogsview/1489435/i-have-a-fha-loan-ca…

Other than that, no matter what, you can have another property, especially when relocating to California and call the property that you have in NJ as an investment property.

If you need a trusted loan officer in California, please let me know. I know someone in California and have known her since 1999.

Thanks,

Jeffrey J. Belonger
Area Manager

Infinity Home Mortgage Company, Inc
Processing : 800-587-2762
Cell : 609-440-5133
Fax : 775-361-6619
e-mail : jbelonger@ihmci.com
0 votes Thank Flag Link Sun Feb 21, 2010
San Berdoo county, largest county in sq miles outside of Alaska. Near Redlands and Loma Linda where 7th Day Adventist Hosp is. Saturday is the sabbath instead of Sunday, they believe. Colton, CA was where Wyatt Earp lay wounded after a gun fight in Tombstone, AZ, was later sheriff of Colton. From web:
"Mentone is fine. I live in Redlands which is about 5 minutes away. mentone is small and unicorporated, which means no city council, and all the police is done by san bernardino county. The only problem with that can be wait time. They have a great little restaurant called Mill Creek, great burgers! Anyway, it is a very small town. Prices are not that much different in redlands, CA which is a bit bigger city, and has some of the best schools in the area, if you have kids. Although I believe Mentone uses the Redlands school district. It is a poorer community, but not bad. Check out mentonechamber.com. Hope it helps."
Only notable home ownership issue I recall is, deeds can have restrictions as to what is allowed in use and changing dwelling, lots of "tracts" or subdivisions with these restrictions in county, but maybe not in Mentone itself. Seems to be unincorportated so probably not an issue.

Read more: http://www.city-data.com/forum/san-bernardino-riverside-coun…
0 votes Thank Flag Link Sun Feb 21, 2010
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