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What type of mortgage would I need?

Profile picture for Jeepinmark
I'm an American working overseas, will remain overseas for at least 2 more years. I want to buy a home in Gulf Shores, AL with the intent of using it as a vacation/retirement home. In the interim my daughter will live in the house until we return from overseas. I don't plan to charge her rent and can afford to qualify for the loan based on my salary alone. I own property in Florida but not a home.

Will I have to get an investment property loan even if I do not intend to rent the house?

I'm prepared to put 20% minimum down.

Thanks,

JM
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August 10 2010 - Gulf Shores
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Profile picture for LUXURY HOME LOANS CA
Might need a Hummer instead of a Jeep.

There may be some issues convincing the underwriter that it will not be an investment property. A good loan officer will get this done for you as a 2nd home, if you meet guidelines. ..... Happy funding.
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August 10 2010
Profile picture for Jeepinmark
What guidelines would I have to meet?

Any place on the net that has this laid out in an easy to understand format?

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August 10 2010
Profile picture for rick.grau

You need a loan officer licensed in Alabama first of all (that's not me - just giving you a little advice here). And yes, I would look at this as a second home - probably with a letter of explanation about your intentions you could get this done as such. I feel like a good loan officer could get this to make sense to an underwriter. Rates and guidelines would be the same as a primary residence.

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August 10 2010
Profile picture for LUXURY HOME LOANS CA
This is a link from my website regarding documentation. http://www.umboc.com/Mort ... list.aspx

Your Debt-to-Income should not exceed 45%. A 740 FICO Score will get you the best rates. Really, just the "normal" stuff. .... Happy funding, Rudi
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August 10 2010
 
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