Home Selling in 48126>Question Details

Amuthana, Home Buyer in New Buffalo, MI

HELP!!!! Ok i was born and raised in Dearborn,MI. I currently live in New Buffalo,MI and work and going to school in Chicago, IL, which is 45

Asked by Amuthana, New Buffalo, MI Wed Jan 20, 2010

minutes away. i have gret credit and good income. I found a house in Dearborn, Mi that i wanted to buy through an FHA loan. I talked to the broker and he said i need 20% down because its considered an investment? HOW?? after school i will go back to Dearborn. He didnt have much explaniation. I just want to know is it really considered an investment?

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I may be can do something but i need moore information, did you find a house or you just doing loan first who did you talked to real estate broker or mortgage broker
1 vote Thank Flag Link Tue Jan 26, 2010
Amuthana, Where you live in Buffalo, MI are you renting or purchasing? If you are buying that home, that would be considered your primary residence.You can only have one "primary" residence. A second home would be considered an investment. I hope you find this information helpful.
0 votes Thank Flag Link Tue Feb 2, 2010
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