Asked by cpthk, Sunnyvale, CA • Sun Aug 26, 2012
I am in the middle of the home finding. I do not work in California, but I am trying to buy a house in Santa Clara County. (My parents and my girlfriend live there)
My mortgage agent just told me that they had a change in the guideline that I am no longer qualify the mortgage as Second Home (aka vacation home), so I can only apply as am Investment Property, which I am REALLY not buying as that purpose. She also told me that the person who qualify as Second Home has to own the primary home for more than 3 years. I really do not want to buy as investment property since the rates are higher.
Anyway I can get around it?
PS: I honestly do not think those names of mortgage (First Home, Second Home, Investment Property) matters no more. Even you are really buy as a vacation home, you may not qualify for the banks' guideline, so they still put you as a different type of mortgage, which you are not really buying that purpose. THEY SHOULD JUST CALL IT MORTGAGE TYPE A, B AND C.
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