Home Buying in 70815>Question Details

Rakedstage, Both Buyer and Seller in Baton Rouge, LA

We want a place considered a 2nd home due to distance/work, but have no 1st mortgage and very little rent due to living arrangement. What to expect?

Asked by Rakedstage, Baton Rouge, LA Wed Aug 11, 2010

We are selling our current home and consolidating households with my in-laws, therefore expenses for primary residence will be extremely low. My wife and I want to purchase a home that will be considered a 2nd home to lenders due to its distance from our jobs. Will lenders take into consideration that we don't actually have a "1st home," and what other issues does our arrangement potentially raise?

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Wait untill you sell your house to start the new transaction. Make sure to tell the lender that you selected that you are interested in a mortgage on a property that will be "owner occupied", and you need a better interest rate than a "second home". It is very important to stablished the difference with the lender. There also many tax benefits associates that apply only to your primary residence.

Maria E. Cipollone

1 vote Thank Flag Link Tue Sep 25, 2012
Call Debbie Fruge 225-614-9468. She is with Prime Lending. If anyone can make it happen, she can.
0 votes Thank Flag Link Tue Sep 25, 2012
If you do not own or have a mortgage on a first home, what advantage do you hope to derive form calling it a second home? There are far more benefits from having the home be your only one, the first is tax advantages and the next being able to file for homestead exemption. Even if you only use it 3 days a week you’ll ahead of the game, building equity, and when you do, if ever, want to have a home without in-laws . You’ll have the opportunity to call this one the second and you can transfer the homestead to the one with highest value.
You should ask your Realtor and your tax advisor for information
0 votes Thank Flag Link Fri Jun 10, 2011
I would suggest that you talk with a experienced lender that can help you find a loan product that works best for your situation. I will be glad to put you in contact with a lender that will answer any questions you have.

I recommend that you find a professional Realtor to help you with the purchase of your second home. I would find an agent that is knowledgeable of the area you are looking to buy and one you feel comfortable with. Please feel free to contact me at any time and let me know what I can do to help you.

Jason Stewart
0 votes Thank Flag Link Sun Aug 15, 2010
Your distance to your work is not usually a reason a home would automatically be considered a second home. Many people live in a different city from where they work, and they commute since it is in their best interest to do so. With that said, you should discuss this situation at length with a qualified loan officer. They can guide you to the best solution to your finances and will consider all available options to get you the best loan possible for you. I would be happy to recommend someone for you that is very knowledgeable about the current loan guidelines. If you need a Realtor to locate your second home I can help you with that. I have been in the real estate industry for over 18 years and can help you make your move.
0 votes Thank Flag Link Wed Aug 11, 2010
No matter how far your only mortgaged home is away from your work. They have to consider it your 1st home for your down payment consideration. You should be able to get 3.5 % down if you find a qualifying property.
Web Reference: http://www.mikekrieg.com
0 votes Thank Flag Link Wed Aug 11, 2010
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