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Old 05-15-2012, 11:26 AM
 
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I want to buy a second home that is closer to work. I currently live in Corona, CA and my current home is underwater. I want to live closer to work in South Orange County. I was able to qualify for a second home mortgage (I qualified based on carrying two mortgages). However, it seems there is a minimum distance requirement or the area has to be a "vacation" area for the second home. If I rent out my current home, will I be able to buy the second home without the minimum distance or "vacation area" requirement?

Is there a minimum period that I need to rent out the home? Note that I do not need to count rental income for the qualification of the second mortgage.

Thanks.
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Old 05-15-2012, 12:21 PM
 
Location: Richardson, TX
9,511 posts, read 16,259,346 times
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Originally Posted by CosmicBlue View Post
I want to buy a second home that is closer to work. I currently live in Corona, CA and my current home is underwater. I want to live closer to work in South Orange County. I was able to qualify for a second home mortgage (I qualified based on carrying two mortgages). However, it seems there is a minimum distance requirement or the area has to be a "vacation" area for the second home. If I rent out my current home, will I be able to buy the second home without the minimum distance or "vacation area" requirement?

Is there a minimum period that I need to rent out the home? Note that I do not need to count rental income for the qualification of the second mortgage.

Thanks.
Yes, you can say you are moving to make the first home your primary. I imagine they'll underwrite you very closely to make sure you're not intending a buy and bail.
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