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Young renter wants to purchase a cabin

Hi all,

I'm relatively new to all this and am hoping some people might have some good places to steer me to find out more. Here's my situation:

I'm 27 years old, living in Seattle. I have held the same salaried position for 2 years now, making a little over 40K annually. I am renting a house with friends now and have always rented. I do not have any plans to buy a house in the city right now.

For a long time, I've wanted to purchase a vacation property near the mountains. I'd plan to get a loan of not more than $75K for a small cabin property. I had thought it would be possible to use an FHA for this, but don't believe I would qualify because I would not be living there full time. Any suggestions on the types of loans I should be looking for? Thanks for any advice.
  • July 08 2013 - Seattle
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Answers (2)

Look for conventional loans with mortgage insurance options. In your situation mortgage insurance is a great option as it will allow you to purchase this property with less down than a conforming loan(20% down). Please contact me if you'd like further assistance navigating through this process!

Best,
Michael
  • July 31 2013
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Profile picture for daveskow
you are right - FHA loans are  for primary residences only ...you will likely want to use a " conventional " 30 yr fixed loan .....likely down payment required for a  " vacation"  home  will be  10% of purchase price .....you will have monthly mortgage insurance on the loan if the down payment is under 20% of the purchase price
I would  recommend  getting pre approved  before  beginning the  cabin search so you know precisely  what you are looking at  for the new loan parameters
  • July 08 2013
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