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Replies (11)
- Geofrey Merino, "GMerino"
- Contributions:445
I read your last post. It all depends on how your structure your loan. If the contract company is located in the United States this would easily be purchased as a primary residence. An underwriter would need a brief letter of explanation informing that the company has offices here. Stating that with your job duties you travel as needed to place of work and can maintain home of record in Florida.
You would not be able to buy a second home as you do not currenlty own a primary residence. It is impossible. That is why the loan officer is looking to do this an investment home. I would probably shop this around until you find the skilled loan officer to get this done for you as a primary residence.
Geofrey
You would not be able to buy a second home as you do not currenlty own a primary residence. It is impossible. That is why the loan officer is looking to do this an investment home. I would probably shop this around until you find the skilled loan officer to get this done for you as a primary residence.
Geofrey
- Alma Kee, "Realtor Alma"
- Contributions:133
Immediately contact www.GTEFCU.org my tenant was able to get a fantastic rate an low lender related fees and he just closed on a Short Sale just a few months earlier and had a bankruptcy, too.
A mortgage broker cannot get this deal for you at a credit union. You see brokers will have to "fit" you into the very specific guidelines so the mortgage can immediately be resold the day after it closes. This is true for the majority of lenders. Credit Unions do not have to necessarily "fit" you into the same strict criteria. If you are a member of another credit union, you may want to try that, too. If you're eligible for a VA Mortgage, you may also have other options.
Also if you're able to put at least 20% down, you may find the lowest rate and fees and best advice from www.Amerisave.com or www.AimLoan.com
Here is a great website created by a Wharton Business School Professor that will give you more information on shopping for a mortgage than you should ever need! www.MtgProfessor.com
Hope this helps.
All the best,
Alma
Alma Rose Kee, PA
Future Home Realty
Westchase Office
[contact information removed by Zillow moderator]
A mortgage broker cannot get this deal for you at a credit union. You see brokers will have to "fit" you into the very specific guidelines so the mortgage can immediately be resold the day after it closes. This is true for the majority of lenders. Credit Unions do not have to necessarily "fit" you into the same strict criteria. If you are a member of another credit union, you may want to try that, too. If you're eligible for a VA Mortgage, you may also have other options.
Also if you're able to put at least 20% down, you may find the lowest rate and fees and best advice from www.Amerisave.com or www.AimLoan.com
Here is a great website created by a Wharton Business School Professor that will give you more information on shopping for a mortgage than you should ever need! www.MtgProfessor.com
Hope this helps.
All the best,
Alma
Alma Rose Kee, PA
Future Home Realty
Westchase Office
[contact information removed by Zillow moderator]
- Andrew Adams, "203K Specialist"
- Contributions:9349
Geoff...Check your guidelines on occupancy. Please post the guideline that states a person is required to own a primary residence in order to qualify for a 2nd home!
Not possible to commute overseas for work! so no way could any lender consider the property in FLA a primary residence!
Did the broker say why they could not get the loan approved as a 2nd home? Is it possible they need rental income to qualify you for the mortgage?
Not possible to commute overseas for work! so no way could any lender consider the property in FLA a primary residence!
Did the broker say why they could not get the loan approved as a 2nd home? Is it possible they need rental income to qualify you for the mortgage?
- Geofrey Merino, "GMerino"
- Contributions:445
Andrew,
I have done several loans for those who work for companies such as Dyncorp, Triple Canopy, etc . . . whom all have their corporate offices in the States. The problem that many of these companies face is that they go overseas to set up shop with addresses overseas and have no association in the US. These companies in turn will not take taxes out and have to be under the Governing of that country that they file. With a company such as Dyncorp they have offices in Virginia and the majority of their employees travel overseas and all over the US. The majority of the employees being contract work.
I will get clarification in regards to owning a second home while not having a primary.
I have done several loans for those who work for companies such as Dyncorp, Triple Canopy, etc . . . whom all have their corporate offices in the States. The problem that many of these companies face is that they go overseas to set up shop with addresses overseas and have no association in the US. These companies in turn will not take taxes out and have to be under the Governing of that country that they file. With a company such as Dyncorp they have offices in Virginia and the majority of their employees travel overseas and all over the US. The majority of the employees being contract work.
I will get clarification in regards to owning a second home while not having a primary.
- Andrew Adams, "203K Specialist"
- Contributions:9349
If you read the initial thread you would understand that the OP lives and works overseas!
Corporate structure and how companies and the employee are taxed has nothing to do with it.
Corporate structure and how companies and the employee are taxed has nothing to do with it.
- Geofrey Merino, "GMerino"
- Contributions:445
Andrew,
Here is the conventional guideline:
First-Time home buyers (not having owned a principle residence in the past three years) are not eligible for purchasing second or investment properties purchase or cash out transactions
FHA/VA very strict:
4115.14.B3.3 Requirements for Secondary Residences
Secondary residences must meet all of the following requirements:
- the secondary residence must not be a vacation home or be otherwise used primarily for recreational purposes
- the borrower must obtain the secondary residense because of seasonal employment relocation, or other circumstances not related to recreational use of the residence
- there must be a demonstrated lack of affordable rental housing meeting the needs of the borrower in the area or within reasonable communting distance of the borrowers employment and
- the borrower must provide supporting documentation of the lack of affordable rental housing including
- a satisfactory explanation for the need of a secondary residence and the lack of available rental housing, and
- written eveidence from local real estate professionals who verify a lack of acceptable housing in the area
This is a special circumstance.
Now, ineligible for FHA financing:
- Non-owner occupied properties (includes streamline refinances without appraisals)
- Second homes
and the list goes on.
Here is the conventional guideline:
First-Time home buyers (not having owned a principle residence in the past three years) are not eligible for purchasing second or investment properties purchase or cash out transactions
FHA/VA very strict:
4115.14.B3.3 Requirements for Secondary Residences
Secondary residences must meet all of the following requirements:
- the secondary residence must not be a vacation home or be otherwise used primarily for recreational purposes
- the borrower must obtain the secondary residense because of seasonal employment relocation, or other circumstances not related to recreational use of the residence
- there must be a demonstrated lack of affordable rental housing meeting the needs of the borrower in the area or within reasonable communting distance of the borrowers employment and
- the borrower must provide supporting documentation of the lack of affordable rental housing including
- a satisfactory explanation for the need of a secondary residence and the lack of available rental housing, and
- written eveidence from local real estate professionals who verify a lack of acceptable housing in the area
This is a special circumstance.
Now, ineligible for FHA financing:
- Non-owner occupied properties (includes streamline refinances without appraisals)
- Second homes
and the list goes on.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Sorry Geoff....
FHA - Owner occupants only Duh!
What you are quoting is not a Fannie Mae guideline...Possible an overlay at Flag Star! However commiting bank fraud to get around the overlay is a really bad idea! IMHO.
FHA - Owner occupants only Duh!
What you are quoting is not a Fannie Mae guideline...Possible an overlay at Flag Star! However commiting bank fraud to get around the overlay is a really bad idea! IMHO.
- Andrew Adams, "203K Specialist"
- Contributions:9349
This is a link to the actual guidelines: https://www.efanniemae.com/sf/guides/ssg/sg/pdf/sel122011.pdf#page=266
- Geofrey Merino, "GMerino"
- Contributions:445
Possibly, but no not commiting fraud. Many underwriters understand that there are jobs overseas especially for those individuals in Iraq and Afghanistan.
Now, I submitted a file for a refinace (conv) as a primary residence. This individual was married had 4 children and he was a teacher at a University in Hong Kong. The underwriter came back and flat out deemed a second home because the University was taking out taxes their, yet he was also filing taxes here in the U.S. The underwriter informed me had he only filed taxes in the U.S and the corporation was here in the U.S and he traveled to and from they would have deemed a primary residence.
I am only suggesting primary residence because I know it can be done. Of course you want to know other factors to determine if this would be a primary home.
- Andrew Adams, "203K Specialist"
- Contributions:9349
We have to agree to disagree someone that goes to work in Iraq daily cannot own a primary residence in Florida. Very different for an individual that is in the military and is temporarily stationed over seas with a family back in the states. This borrower is single and not in the military. It's not as if they are based in Florida and traveling for work. They are based in Iraq..traveling to Florida for vacation.
Since there is no difference in the rates that the borrower can obtain I don't get why it is even an issue...other than that overlay.
- Geofrey Merino, "GMerino"
- Contributions:445
No issue for a second home since rates are the same. Not that it is a big deal but I have had regular civil service contract workers be approved for a primary residence being stationed in Iraq.
No arguement with you Andrew just difference in opinions. Thank you, for your thoughts.
Second home or investment mortgage? Tampa FL area
I am here searching advice. My realtor referred me to mortgage broker who said he initially found a lender that would do second home, but now that is not possible and is going the investment route. I would prefer NOT to go the investment route, for obvious reasons.
Any help available? I am flying home on R/r and hope to take complete this process by the end of March!
:/
Thanks so much for ANY help or advice!
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