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Second home

I am American.  I have a credit score is approximately 800, I have NO DEBTS and good capital for a down payment.  I live/work overseas and make about $126,000 NET after taxes, per year.  I'm thinking about a second home in the USA.  How are my prospects for a second home?
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October 05 2013 - Santa Fe
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Answers (2)

Your prospects may be good if you file enough income on 2011 and 2012 US Tax Returns.  By Second Home I assume you will not rent it out.  The minimum down payment should be 10%.  If you rent out the down payment will be higher.  Please reach out to me via my profile to discuss.
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October 08 2013
Based on the information you provided I believe your chances are pretty good. Among other things, you'll need two years' tax returns and proof of current employment. If you've been employed by the same company, or at least in the same field, for at least the past 2 years that would be an important consideration. And just so you know, a second home generally requires a 25% down payment. 

It's important to note that the underwriting requirements of lenders change fairly often and only a lender will be able to give you an accurate answer to your question after they take a look at the information you will be required to submit. 

I'd advise you to work with a local lender. There are several very good ones to choose from here in Santa Fe and if you'd like some suggestions, you can write to me at the email address below and I will be happy to give you some.

I wish you well,
Spence Ralston
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October 05 2013
 
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