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Second Home as Primary

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seagulldk Joined: 07 Feb 2011 Posts: 3 1.64 Dollars($)	Posted: Mon Feb 07, 2011 8:33 pm    Post subject: Second Home as Primary Like 0 Dislike 0 Hello, I own a home in Texas with a sub prime loan but relocated to Oklahoma for my job. I could not sell my house in Texas so I rented it to a couple with a signed lease. I currently rent a home in OK and my landlords have divorced and want us to buy the house for what they owe. We checked to assume but they have a native american loan and we do not meet the requirements. I would like to buy with FHA, have a mid 700"s score and make very good money so I am not worried about the debt to income ratio but am worried about the precent they will allow me to finance on purchase. Their application states second home finances at 80%. Is this correct even if it will be my primary residence? thanks
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Tue Feb 08, 2011 1:05 am    Post subject: Like 0 Dislike 0 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
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Tue Feb 08, 2011 8:22 am    Post subject: FHA Like 0 Dislike 0 This is your primary home in Oklahoma. Is the mortgage on the property in Texas an FHA mortgage? _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
seagulldk Joined: 07 Feb 2011 Posts: 3 1.64 Dollars($)	Posted: Tue Feb 08, 2011 10:20 am    Post subject: FHA Like 0 Dislike 0 Thanks for the response. My home in Texas is not an FHA, it is a sub prime loan.
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Tue Feb 08, 2011 10:30 am    Post subject: FHA Like 0 Dislike 0 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 $271,050 in all counties in Oklahoma. Hopefully, your purchase price is lower than that so you can do the FHA mortgage with the minimum down payment. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
seagulldk Joined: 07 Feb 2011 Posts: 3 1.64 Dollars($)	Posted: Tue Feb 08, 2011 10:46 am    Post subject: FHA Like 0 Dislike 0 Awesome, thanks for the advice. I will kepp you updated if any issues surface. Thanks

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