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Old 08-23-2007, 04:26 PM
 
Location: Greenville County, SC
275 posts, read 1,546,257 times
Reputation: 193

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I am about to start a 2 year ex-pat assignment for my company in Germany. While my wife and I are living in Germany, we plan to have a new home built in a planned community in one of the southern states. Until my assignment is finished, my sister will live in the house.

My company is based on the west coast, so I will be looking for work near our new home once my assignment ends.

The home will cost about $425K and we will be putting down about $325K and will only need a mortgage for about $100K. After the down payment, we will still have about $200K in reserve.

Given my situation, can someone in the know comment on any difficulties we may have obtaining a mortgage and/or othere mortgage related concerns or considerations. Both my wife and I have excellent credit.

Thank You!!
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Old 08-23-2007, 04:30 PM
 
Location: Orlando FL
1,065 posts, read 3,673,620 times
Reputation: 424
Sounds like a cream puff loan....very easy to get. You will have 0 problems getting the loan, it's practically 0 risk for the lender.

The only thing that is questionable is whether the home would be classified as an investment home or primary home as you will not be living in it for the first two years if i'm correct?

I'd imagine it would be pretty easy to convince any underwriter that it is your primary if you can provide documentation that you are being temporarily assigned overseas, and that you will be coming back to live in the home.....unless you own multiple other properties at the moment.
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Old 08-23-2007, 05:41 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,100,301 times
Reputation: 1008
wham bam!
sounds like a slam dunk, but dont tell the lender your sister will live there!
They would think it's an investment.....


2nd home all the way.
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Old 08-26-2007, 11:57 AM
 
Location: Liberty Township, Ohio
122 posts, read 886,535 times
Reputation: 74
Quote:
Originally Posted by banker0679 View Post
wham bam!
sounds like a slam dunk, but dont tell the lender your sister will live there!
They would think it's an investment.....
2nd home all the way.
They must answer truthfully to "will this be your primary residence?" The answer is "No". Any other answer would be fraud.
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Old 08-26-2007, 12:53 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,100,301 times
Reputation: 1008
that's why I mentioned '2ND HOME' all the way

Quote:
Originally Posted by Linda Pratt View Post
They must answer truthfully to "will this be your primary residence?" The answer is "No". Any other answer would be fraud.
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Old 08-26-2007, 02:23 PM
 
Location: Dandridge, TN
69 posts, read 95,864 times
Reputation: 16
Yes however he does plan on moving in the home and long run is considered OO, in todays market his Broker would have to be real crazy in stating Investment. I have never seen the Occupancy police...

Quote:
Originally Posted by Linda Pratt View Post
They must answer truthfully to "will this be your primary residence?" The answer is "No". Any other answer would be fraud.
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Old 08-26-2007, 09:19 PM
 
Location: Greenville County, SC
275 posts, read 1,546,257 times
Reputation: 193
Default Thanks

Thanks for all the helpful responses. The new house will not be an investment property and will be the only home we own. After its completed, my wife will probably be spending about 1/3 of her time there and the rest with me in Germany.

We won't lie about anything when we're applying for the loan, but we also won't volunteer any infomation that is not required. If we end up with a higher interest rate for a while because I am living in Germany, I can handle that.

Thanks again!!
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Old 08-26-2007, 10:30 PM
 
2 posts, read 5,444 times
Reputation: 10
Default Have you purchased your home yet?

Hello
I was just wondering if you have purchased your new home yet?
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Old 08-27-2007, 09:53 AM
 
Location: Greenville County, SC
275 posts, read 1,546,257 times
Reputation: 193
Tiffany S;

We have not purchased it yet. In about 2 months we'll be taking a trip to some of the Southern states and will be making our decision about which community and builder at that time. Our timeframe for having the house built and everything closed is the first quarter of next year.

Thanks!
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Old 08-27-2007, 12:41 PM
 
553 posts, read 1,728,467 times
Reputation: 103
you will have to go with a no income verification loan to get owner oc, because if you go traditional they will want to know where your job is in the new state, you will have to have one in the same field you are in. That you obviously cant do because you will be away. Why not just go vacation home [second home] with your loan scenario you will not take any hits and your rate will be just as low. with your scenario the no verification loan would not be bad either. just find someone that knows all avenues to find the best and easiest way. good luck
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