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Second Home as Primary

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Icon Mini Profile seagulldk





Joined: 07 Feb 2011

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Post Posted: Mon Feb 07, 2011 8:33 pm    Post subject: Second Home as Primary
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Hello,
I own a home in Texas with a sub prime loan but relocated to Oklahoma for my job. I could not sell my house in Texas so I rented it to a couple with a signed lease. I currently rent a home in OK and my landlords have divorced and want us to buy the house for what they owe. We checked to assume but they have a native american loan and we do not meet the requirements. I would like to buy with FHA, have a mid 700"s score and make very good money so I am not worried about the debt to income ratio but am worried about the precent they will allow me to finance on purchase. Their application states second home finances at 80%. Is this correct even if it will be my primary residence? thanks
Icon Mini Profile smithsussane
smith.sussane




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Post Posted: Tue Feb 08, 2011 1:05 am    Post subject:
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Hi seagulldk!

Welcome to forums!

Normally FHA loans are available at a down payment of 3.5% - 5%. However, as this is your second home, the lender may ask you to provide a down payment of 20% and he will offer you a mortgage for the rest of 80%.

Feel free to ask if you've further queries.

Sussane
Icon Mini Profile jveenstra
jveenstra
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Post Posted: Tue Feb 08, 2011 8:22 am    Post subject: FHA
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This is your primary home in Oklahoma.

Is the mortgage on the property in Texas an FHA mortgage?

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John Veenstra, Sr Mortgage Consultant
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Licensed NJ NY CT PA
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Icon Mini Profile seagulldk





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Post Posted: Tue Feb 08, 2011 10:20 am    Post subject: FHA
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Thanks for the response. My home in Texas is not an FHA, it is a sub prime loan.
Icon Mini Profile jveenstra
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Post Posted: Tue Feb 08, 2011 10:30 am    Post subject: FHA
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As long as you qualify carrying both mortgages, the minimum down payment for FHA mortgages is 3.50% and you would be eligible for that low down payment.

The maximum FHA mortgage is probably $271,050 in all counties in Oklahoma. Hopefully, your purchase price is lower than that so you can do the FHA mortgage with the minimum down payment.

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John Veenstra, Sr Mortgage Consultant
Approved Funding Corp
Licensed NJ NY CT PA
201-833-0123x278
Icon Mini Profile seagulldk





Joined: 07 Feb 2011

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Post Posted: Tue Feb 08, 2011 10:46 am    Post subject: FHA
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Awesome, thanks for the advice. I will kepp you updated if any issues surface.
Thanks
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