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Old 02-08-2011, 10:00 PM
 
142 posts, read 286,539 times
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Ok perhaps the question should have been, can we qualify for a home loan for a purchase in AZ while my both my wife and I are employed full-time, however not in AZ? Can we still lock in a great interest rate? Not sure if this matters, but keep in mind we would be bringing $50-75k to the table for a downpayment.
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Old 02-09-2011, 02:41 PM
 
106 posts, read 153,164 times
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Quote:
Originally Posted by skorch101 View Post
Ok perhaps the question should have been, can we qualify for a home loan for a purchase in AZ while my both my wife and I are employed full-time, however not in AZ? Can we still lock in a great interest rate? Not sure if this matters, but keep in mind we would be bringing $50-75k to the table for a downpayment.

The answer is YES. With that amount down it does not matter if for lending purposes you have to qualify it as a second home. The unknown answers to the question, in which you would want to qualify with an AZ licensed lender, is your income/debt ratios etc.
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Old 02-09-2011, 03:15 PM
 
278 posts, read 316,447 times
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I would put down the minimum needed and invest the rest in stocks and bonds. With the great interest rates on housing you are in a great position.

After 5 or so years, reevaluate your position and how the housing market has trended. Your stock portfolio will more than likely exceeded your gains in your house valuation.

You can always pay more towards your principal instead of making the minimum payment. Pull out your dividends or take the capital gains and make additional payments. But, at this point in the economic recovery, I would just keep reinvesting in the market.

Just my 2 cents...change can be given.
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Old 02-13-2011, 06:44 PM
 
278 posts, read 316,447 times
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Just did a check for myself. The market is killing pretty much all real estate in the country.
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Old 02-14-2011, 05:49 AM
 
Location: Chicago
89 posts, read 103,893 times
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Originally Posted by need_some_sun View Post
Well, you could purchase the home as a second home if you are still working where you are. You would need to qualify with your current payment and the new one.
I just had to qualify and show 6 months of cash reserves to cover my two mortgages.
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Old 02-14-2011, 08:20 PM
 
106 posts, read 153,164 times
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Originally Posted by dacubz View Post
I just had to qualify and show 6 months of cash reserves to cover my two mortgages.
Good point. On certain programs on 2nd homes and investment this is standard now.
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