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Posted: Tue Jul 07, 2009 3:29 pm Post subject: primary or second home

We own a home in CA, but we are purchasing a home in OR that we intend to make our primary residence. The lender for the home in OR approved the loan for the OR house as a "second" home (unless we show that our current home has been sold). We are going to put our CA home on the market within two weeks and have been told it will sell very quickly. They said there is no difference in interest rates for primary vs secondary home. If we go ahead with the purchase of the OR home (as a secondary) what happens when we sell the CA home and move?

JKennedySLG · Posted: Tue Jul 07, 2009 3:37 pm Post subject:

If all of your intentions are to move to the OR home and you're able to carry both debts until the home is sold, you should be able to consider this a primary residence.

I just closed a loan where the individual was moving from his current residence to his 2nd home which was now becoming his primary because his income and job was following him and it made sense. If the deal makes sense, the underwriter will allow for that but then again if the rate of interest is the same what is the difference. I hope this helps...

Posted: Tue Jul 07, 2009 3:52 pm Post subject:

Thanks for your quick reply. I guess that's the question - what is the difference? Will we gain anything by waiting until our CA house is sold and then submit the papers again? Will we have to do anything when the OR home becomes our primary home?

adonis · Posted: Tue Jul 07, 2009 7:58 pm Post subject:

Hi Guest,

I don't think you'll have to wait until your home in California is sold off neither will you have to submit any documentation to declare the Oregon home as your primary property. If you can afford both the mortgage payments right now, you can move into your new property.

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