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Old 02-23-2009, 10:41 AM
 
18 posts, read 31,771 times
Reputation: 14

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Hello,
My family of four are hoping to relocate within the next year. We have contacted a couple of lenders where we live, and they have told us that we would not be financed to buy a home in NC, because we do not have jobs in that state. We could buy here without a problem. I understand the reasoning behind what we are being told. Our thought is we could use the house in NC as our "vacation home" until we obtain jobs there. We currently live with family, so we do not have to worry about paying a mortgage right now. Does anyone know if the "vacation home" idea is a viable option?
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Old 02-23-2009, 11:10 AM
 
Location: South Charlotte
1,435 posts, read 5,768,687 times
Reputation: 486
Yes, they do them as 2nd homes.

I've had several clients purchase here that way and a few that did it for the same reasons you described.

I can recommend a mortgage broker to you if you would like.
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Old 02-23-2009, 11:17 AM
 
18 posts, read 31,771 times
Reputation: 14
Hi Charlottean!

I would be very happy if you wouldn't mind forwarding the mortgage broker info to me. Feel free to PM me, at your earliest convenience.
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Old 02-23-2009, 06:58 PM
 
Location: Charlotte, NC
7,041 posts, read 15,039,953 times
Reputation: 2335
Hi,

Just did some research on mortgage fraud today for a meeting. (it is going up by astounding rates in this environment). One of the red flags for possible mortgage fraud is someone buying an investment property when they do not own a permanent residence. That being said, be prepared to provide a lot of additional information to justify why you are buying a second home when you don't own a residence at this time.

BTW, these are Fannie Mae guidelines....
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Old 02-24-2009, 07:07 AM
 
18 posts, read 31,771 times
Reputation: 14
That is quite interesting. Boy, have times changed even from just a few years past!!! It makes perfect sense that the everyone is tightening up their guidelines. Hopefully we will have all the info needed to still qualify!
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Old 02-24-2009, 07:21 AM
 
Location: Ayrsley
4,713 posts, read 9,703,287 times
Reputation: 3824
Will you still be working for your old jobs after you move down here (i.e. working remotely from home)? I know when we were buying down here, the agent at the original mortgage company we went through (the builder's, which we ended up not using for various reasons) had a very difficult time understanding that we could live down here while working for companies based in NYC and Charleston, SC respectively. If you will be working remotely, I would have your HR dept. draft a letter clarifying that your status as an employee. In our case, I think they were concerned that "working from home" meant selling figurines out of our garage on eBay or something.

You might also want to look at a larger, national lender, as opposed to a local bank back home.
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Old 02-24-2009, 07:25 AM
 
Location: South Charlotte
1,435 posts, read 5,768,687 times
Reputation: 486
Lenders do this all of the time with no problems. The programs are called second home purchases. Even if you don't own a home where you currently work (state) its still called a second home loan program. They have very similiar rates and criteria as a regular loan program would.

The only difference being if you already owned one then it gets a lot more attention.

People do this quite frequently when relocating if not tied down to an existing mortgage.
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