I am purchasing a 2nd home. What's the best way to go about financing arrangement's for that. I am already part owner of a residence that I live in.

Asked by Fradann@gmail.com, Sat Feb 16, 2013

My mom and I own my current home. I've recently refinanced, but didn't take out any money. I'm looking for the best rates and financing arrangement.

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Jamie Tian’s answer
Jamie Tian, Agent, Los Angeles, CA
Sat Feb 16, 2013

You should contact any bank or mortgage broker to get pre-approved for a loan so you can see how much you can afford.

After that, you should contact a real estate agent to help you find the homes that are currently available. I would be happy to refer to you a few good mortgage brokers and also help you start searching for your second home!

Please feel free to contact me at (310) 717-1321 or JamieTian@RodeoRE.com with any questions or concerns.

Best Regards,

Jamie Tian
Rodeo Realty
(310) 717-1321
DRE #01920120
Web Reference:  http://www.JamieTian.com
1 vote
Jodi Gonzalez, Agent, Los Angeles, CA
Fri Feb 22, 2013
Actually, new guidelines allow a home to be considered as a primary residence if the home owned is for an elderly parent. So if you own your current home with your mom, you can still purchase your home as a primary residence which will allow you to take advantage of the lower interest rates and low down payment options versus second home or investment home loans. If you would like more information, feel free to contact me anytime!

Jodi Gonzalez
Omni Fund INC
DRE License# 01895861
NMLS License# 926476
Real Estate and Finance
Direct: (626)863-5220
Fax: (626)872-6805
1 vote
Gabriella Go…, Mortgage Broker Or Lender, Lancaster, CA
Sun Feb 17, 2013
If you are going to live in the home you can purchase it owner occupied. If it truly is a 2nd home you can purchase with 10% down. I can tailor this loan just for your needs. I can also look for the Best interest rate for you. You can get pre approved with me so you would be ready to purchase when you are ready.

Gabriella Godde
661-713-3460 Pre quals 24/7
1 vote
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Sat Feb 16, 2013
Fradann - how will you use the new home you are buying? Would you be living in it as your primary residence, using it as a vacation home, or using it as a rental property?

When you recently refinanced, did you refinance that as your primary residence?

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
1 vote
Good questions. The home (likely a condo) that I will purchase WILL be my primary residence.
When I recently refinanced my current home (owned with my mom) it was refinanced as a primary residence.
Flag Sat Feb 23, 2013
Gail Mercedes…, Agent, Beverly Hills, CA
Mon Feb 18, 2013
Get in contact with a direct lender for pre-approval qualifications. Your owner occupied monthly expenses + other personal monthly debts + principal, taxes and insurance will be calculated on 2nd home. Lender will consider if 2nd home not-rented or rented. I realize that current home only responsible for 1/2 housing expense. For best rates and terms you will have to shop the loan. Explain that new loan for 2nd home rates and terms may differ. Lender will consider your job history, income and credit rating.
0 votes
Maria Gilda…, Agent, Manchester, CT
Sun Feb 17, 2013
Hi Fradann:

The questions posed by Shane and the intended use of the second home will determine the type of financing you can qualify for. Your second home can be classified as either your investment property or primary residence.

Consult a local loan officer to assist you in this matter.

Best of Luck.
0 votes
Sona Gallatin, Agent, Santa Clarita, CA
Sat Feb 16, 2013
As a second home that is obviosly not going to be your primary residence, you'll need at least 25% down.
Go to your bank or call Steve at (310) 415-0851 from Midgate Mortgage for a pre approval.Once you have that you can start your search.

To look at active listings go to
0 votes
Melvin A. Ca…, , Los Angeles, CA
Sat Feb 16, 2013
You may qualify for a second fha loan and buy with as low as 3.5%down payment if you can prove that your mom has been making the mortgage payment for the last 12 months ,you need 12 cancelled checks .,thats not the only thing you need to qualify for a new loan you also have to show that you make enough money to pay for a second mortgage ,that you are moving to a bigger place ,better area ect .call me to set an appointment with my lender

Melvin Castro
310 930 6572
0 votes
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