Home Buying in Phoenix>Question Details

Scott, Home Buyer in Phoenix, AZ

Trying to buy first house out of state....need advice with loans types

Asked by Scott, Phoenix, AZ Mon Apr 5, 2010

I currently live out of state, but plan on moving to Phoenix in a few years. I want to invest and purchase a property now, before the market turnsaround. This will be my first home as I currently live with my family. I have a high credit score...Is there a way that I can get approved for a Primary or secondary mortgage? I can't prove that I will be moving down there, but I don't want to get stuck with an investment type mortgage. I have about $15000 to put down. I have only checked with one bank so far, and this was the situation I encountered. Any ideas? Who else can I check with?

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I would not be too concerned about the difference in the interest rate on a secondary home vs a primary residence. At the price point you are talking about, it will not amount to that much difference per month. the difference could be less than 1/2%. Basically on on a $100,000 mortgage the difference between 5.25% and 5.75% is $32.00 per month. If you rent out the home for the years you are not here, you can make that up on the rent you charge. I have some very good lenders that have decent loans for investors that can help you.

Please feel free to contact me for their info.
Lorrie Feld, ABR, GRI, CDPE
Keller Williams Integrity First Realty
2 votes Thank Flag Link Mon Apr 5, 2010
I am in a similar situation. I'm looking to move out of state in about 10 months. The difference is that I do plan to move right in, provided that I can secure employment. I'm hoping 2 months max between the time I close and the time I am able to move.

My question to anyone in the real estate business, or anyone who has gone through this:
Would that be considered a primary mortgage or an investment property? Also, say I were to use a nation-wide bank for the loan (Bank of America for example), does it matter where I apply (current state vs prospective state)?
0 votes Thank Flag Link Sat Sep 8, 2012

A great lender can answer your questions! If you call Bryan Sheets direct at WJ Bradley 623-594-2300! You can let him know I recommended him I get great feed back from my clients!

Feel free to contact me with any questions or concerns! You may also create a saved search on my site! If you would liketo know the areas in the valley that buyers prefer feel free to ask!

0 votes Thank Flag Link Tue Apr 6, 2010
I have an excellent lender to refer you to....just give a call.

AZ's REBATE Realtor
Champion Realty
Web Reference: http://www.cr-az.com
0 votes Thank Flag Link Tue Apr 6, 2010

If you purchase a property here, but live out of state you will have to buy it as an investment property of second home - assuming you are not moving in shortly after buying it. The terms of both loans are not as good as for a primary residence, but you will still get a great bargain with very low interest rates.

Carlos J. Ramirez, PC, ABR, CNE
Associate Broker/Realtor, HomeSmart -
0 votes Thank Flag Link Mon Apr 5, 2010
Hi, Scott
I believe that if the property is not going to be owner occupied, that it will be treated as an investment purchase.

However, I can provide you with a referral to two very knowledgeable and customer-service focused loan officers in town, so that you can have all of your lending questions answered.

Please contact me at your convenience and I will email you their contact info. Good luck with your home search.

Eric Crane
DPR Realty
602-327-8475 (mobile)
Web Reference: http://www.JustAskEric.com
0 votes Thank Flag Link Mon Apr 5, 2010
Hi Scott,

Yes, you can buy a home here now while both prices & interest rates are low. Because you do not live & work in the area, the Underwriters will not approve your loan as a primary residence since you are not looking to move here for a couple of years.

You can however buy a second home now with as little as 10% down. I have been seeing most of my clients have their closing costs paid for by the seller, due to the experienced Realtors negotiating the purchase contract. With $15,000 available to put down on a home, that would put you in the $150,000 price range.

I just to let you know that we are a direct lender Mortgage Bank and our interest rates for a second home are the same low rates as they are for a primary residence. I am happy to help you & to answer any questions you may have, so please feel free to contact me.

All the best,

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
Web Reference: http://www.ezAZloan.com
0 votes Thank Flag Link Mon Apr 5, 2010
Unfortunately, if you do not plan to live in the home after the transaction closes, you will only be able to obtain an investor loan.
0 votes Thank Flag Link Mon Apr 5, 2010
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