- Find a Real Estate Professional
- Alabama Realtors®
- Alabama Mortgage Lenders
- Alabama Home Improvement Pros
- Alabama Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- More
Answers (6)
- Chris Eldridge, "Chris Eldridge Group"
- Contributions:104
If it is for your child you may want to consider purchasing as an FHA non-occupant co-borrower with your child. It would be considered your child's primary residence so it wouldn't be an investment property or a 2nd home.
Please don't hesitate to call me if you would like more details.
The Chris Eldridge Group
Please don't hesitate to call me if you would like more details.
The Chris Eldridge Group
- Spirit Messingham, "TucsonSpirit"
- Contributions:663
I see you are looking in Sam Hughes, not to be too self promoting but I live in Central, right next to Sam Hughes in another Historic Subdivision called Colonia Solana. I am very familiar & have experience buying within the area, historic homes and subdivisions & would like to help, if or when you get to that stage. Please click on my profile to learn more about me, you will be able to view referrals & reviews written from past clients.
Best of luck.
Spirit
Best of luck.
Spirit
- Spirit Messingham, "TucsonSpirit"
- Contributions:663
I just closed on a Condo this month here in Tucson, AZ for a couple that clicked on my profile from here on Zillow.com. It was an investment property for them, even though they bought it for their children to attend colleage here at the UofA. Yes, it was considered an investment & investment rates.
Please consider speaking wiht a local lender, they will tell you what qualifies for what, going investor only rates (FYI they are higher than the rates you enjoy for your primary residence) and they can pre-approve you. In today's market you really should be pre-approved first before you do anything else. Getting pre-approved will tell you where your ceiling is (not that you have to buy a property for that much) provide you with a mortgage calculator so you can see what your mortgage will look like in monthly terms, and what the going rates are. If a person is not approved now, that is ok too as a "good" local lender will work with you, inform you on what you can do to increase your scores so that you may be approved in the future.
Also, please consider speaking with a CPA for the tax ramifications of owning a second home and the rent, as you will need to declare it as well.
Best of luck.
Spirit
Please consider speaking wiht a local lender, they will tell you what qualifies for what, going investor only rates (FYI they are higher than the rates you enjoy for your primary residence) and they can pre-approve you. In today's market you really should be pre-approved first before you do anything else. Getting pre-approved will tell you where your ceiling is (not that you have to buy a property for that much) provide you with a mortgage calculator so you can see what your mortgage will look like in monthly terms, and what the going rates are. If a person is not approved now, that is ok too as a "good" local lender will work with you, inform you on what you can do to increase your scores so that you may be approved in the future.
Also, please consider speaking with a CPA for the tax ramifications of owning a second home and the rent, as you will need to declare it as well.
Best of luck.
Spirit
- wetdawgs
- Contributions:26854
From the IRS.gov website:
"A second home can include any other residence you own, and treat as a second home. You do not have to use the home during the year. However, if you rent it to others, you must also use it as a home during the year for more than the greater of 14 days or 10 percent of the number of days you rent it, for the interest to qualify as qualified residence interest."
Once again, agents are offering advice off the top of their heads - 50%???
"A second home can include any other residence you own, and treat as a second home. You do not have to use the home during the year. However, if you rent it to others, you must also use it as a home during the year for more than the greater of 14 days or 10 percent of the number of days you rent it, for the interest to qualify as qualified residence interest."
Once again, agents are offering advice off the top of their heads - 50%???
- Daniel Reynolds, "Broker Executives"
- Contributions:355
Uh no. I've had this happen all to often to know the answer better than anyone. A second home is a property you stay in about 50% of the time throughout the year. Proving that to an underwriter will prove to be a hassle. If you say anything about letting your son stay in the unit, it will be classified as a N/o/o.
- Tina Raiford, "raifordsrt"
- Contributions:3
It would depend on if you are charging the rent to the roomates and actually receiving the $ yourself, or if your daughter is keeping the money. If you receive no rental payments then it would be considered a second home while your daughter livers there.
is it a 2nd home or investment home if it is for your child to live in while attending college?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.