U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 04-06-2015, 07:31 AM
 
116 posts, read 138,892 times
Reputation: 85

Advertisements

Hi all,
My family and I are relocating to Charleston SC from the Boston area in a month or so. I am relocating first and have secured a new position as a Registered Nurse ,
I have one broker that tells me that we must consider our new home in SC as a 2nd home because only one of us will be occupying it immediately. One other broker says that it can be a primary residences with one owner occupant and one non owner occupant. Our Realtor has also told us that this happens all the time where one spouse comes initially and the other does not. So my question is do we both have to take occupancy of the home right away for it to be a primary residence? My husband will remain in Boston for a few months and will continue to work in Boston during that time. We will be using both of our income to qualify for the mortgage, my job in Sc and his in MA.
Reply With Quote Quick reply to this message

 
Old 04-06-2015, 08:00 AM
 
12,404 posts, read 9,195,957 times
Reputation: 8863
Are you applying jointly for the mortgage?
Reply With Quote Quick reply to this message
 
Old 04-06-2015, 08:28 AM
 
Location: Austin
7,077 posts, read 16,889,211 times
Reputation: 9484
If you want his income to count, with a job based from out of state, it can't be a primary residence. He would have to show that he can do his job from the new home and that it won't effect his income. Those are fun letters to obtain from HR people. In your situation, it would be a second home with his job out of state.
Reply With Quote Quick reply to this message
 
Old 04-06-2015, 09:18 AM
 
Location: The Triad (NC)
26,837 posts, read 57,851,863 times
Reputation: 29235
Quote:
Originally Posted by efipoliRN View Post
Hi all,
My family and I are relocating to Charleston SC from the Boston area in a month or so.
I am relocating first and have secured a new position as a Registered Nurse...
Congrats.
RENT for the first year or two and certainly until the MA house s sold.

If/when you've settled that sale and KNOW how much net equity you have... then look.
This will also allow time to be really sure that SC is the right place to be.
Reply With Quote Quick reply to this message
 
Old 04-06-2015, 10:33 AM
 
116 posts, read 138,892 times
Reputation: 85
Thanks for the info,
yes it would be a joint loan we would be co-borrowers. We would not be purchasing until our MA house has sold. Our realtor here expects our home to be under agreement within a couple of days of being listed. We have been planning this move for over 5 years. We are certain that SC is where we want to be. I am mostly trying to figure out if we both need to occupy immediately for it to be a primary home. I will be moving in immediately. He will be staying with his sister in MA there will not be another home that we are owning. I did this am, read something online that says that with co borrowers one can occupy without the other and that if both persons income is used to qualify the one occupying must be the one putting the majority of the down payment. Our MA home is in my name only so the money from it would technically be "mine"
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top