Buying a first home as a second home? (Dallas, Fredericksburg: sales, rent)

[rikolai]

I am in the process of finding a home in the Dallas area and am a first time buyer.I currently live in Virginia and work as a route sales rep for a coffee company and make a modest salary,but good enough to qualify for a home in Dallas in the 125K range.I am thinking about the SMU area near the DART station(Thanks lakewooder).After talking to a few lenders,a couple of them have told me that I could qualify for a home in Dallas with the current job I have,if I called it a second home(even though I rent now),but my interest rate would be 10%,which I wanted no part of.However,the lender was telling me that once I relocated and secured a job in Dallas,I could refinance and I would come out even after saving on closing costs at move-in.The only reason I wanted to explore this option was that I have 10yrs. bartending experience and thought I could keep that as an option to go back to at least until I find a company or career to invest my future into(and I know on paper,bartending doesn't look good to lenders)and the fact that I am desperate to get to Dallas and get my life there started(just turned 34).I know this sounds unorthodox,but can any one lend me their ear(and some advice)?Thanks a lot in advance.
Rick Armstrong
Fredericksburg,VA

[iknowhomes]

Run away from those lenders! They apparently are needing the commissions badly to make comments like that. It is absolutely incorrect to say you will come out even once you refi. A refi is the exact same process and cost incurred as a regular purchase. You are being asked to pay closing costs twice in that scenario. Talk about repeat business. I have over 5 years lending experience and over 10 years in home sales. Don't make that purchase yet. Move here, rent and establish. Return cart behind horse and I assure you it will be a much brighter future. $125K near SMU does not exist in a SFR, maybe duplex or condo. Welcome, we need another Bartender!

[rikolai]

Thanks for your insight.I thought it seemed a little screwy.Too many ifs.I only want to bartend until I find the right fit for me,but thanks for the invite.