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Jeff Deraville


Mortgage Banker (9 years experience)

Purchase Loan,
Home Equity


  • (3 Contributions,
  • 0 Best Answers,
  • 1 Helpful)

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Want to purchase sole residence 100 miles away


Hello,This would be considered a second home/investment property.  The down payment depends on the loan program and bank/investor, but you can expect to put 25% down on this home.As far as the short sale, if you purchased a primary residence through the FHA and not a vacation home, you would only have to wait 3 years from the title transference date of the recent short sale.  However, if it is a vacation home, then you will have to get a conventional loan, which requires you to wait 4 years from a short sale.You will need a 660 or above for most conventional products.  However, a 620 is possible depending on other compensating factors.  The main things that underwriters do not want to see are late payments, defaults or collections on your credit after the short sale.Unfortunately, short sales are considered foreclosures.

Buying a condo in another state


Hi Mike,Yes, you can buy a second home.  The 2 things to make note of are your debt-to-income ratios and down payment.  Those two things will be the deciding factors in obtaining a second home.I have a client from CA that is buying a second home in NY as we speak. He has similar plans as yourself.  He is retiring soon and wants to rent out his current home and move to his future NY home in a couple of years.  The new home in NY will be his vacation home until then.

can we get a house that would be fitting for our family?


Hi Folks,Mostly all purchase loans are based off of your credit rating.  My bank can do loans with a middle score of 620.  The amount that you put down can help depending on the investor.  Be sure to keep that money in some sort of financial account.If your credit scores are not where they're supposed to be, I can help with that as well.  I give my clients insider tips and resources to raise their credit scores.