Posted on: 06th Jan, 2010 03:42 pm
Hi, I moved to Sacramento with my son Aug, 2009. My wife is still in Los Angeles waiting to transfer to a full time position here in Sacramento. I do not have a job now. We now want to buy a house, but the loan agent is saying the home will be considered a second home.
Question: Does the home need to be considered a Second Home even if my son and I will be living in it?
Question: Does the home need to be considered a Second Home even if my son and I will be living in it?
Hi jimuchang,
As far as I can understand, though you and your son will be living in the new property, your first home will be considered as your primary home. You'll either have to sell it off or give it on rent in order to make the new home your primary residence.
Thanks
As far as I can understand, though you and your son will be living in the new property, your first home will be considered as your primary home. You'll either have to sell it off or give it on rent in order to make the new home your primary residence.
Thanks
I did not make it clear above that we do not have any other property. This will be our first home.
Jimuchang
Jimuchang
Hi jimuchang,
If you do not have any other property, then the house that you want to purchase now will be considered as your primary property. It won't be considered as your second home.
Thanks
If you do not have any other property, then the house that you want to purchase now will be considered as your primary property. It won't be considered as your second home.
Thanks