Posted on: 11th Jun, 2009 06:22 pm
My boyfriend owns a house outright in NY state. He doesnt have good credit and we need to build an addition onto it in order to move there. I am going to buy the house from him and then he will use the $ from sale to build addition. I currently live in NJ, I am not sure being that I am going to move to NY and have that as my primary residence how all that will work with my current job in NJ. The mortgage will be 50k. I plan on getting the loan while I am still in NJ. Let me know if you need more info. Thanks in advance.
If you're purchasing this home with plans to move in and keep your current job, then you are able to consider it your primary. If you're purchasing as an investment, you're going to need a 700+ credit score and a sizeable down payment. I hope this helps...
kimberlymt
Welcome to the forum
If it is not considered as an primary residence, then you will need at least 25 - 30% down payment
Good luck and feel free to ask
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly
Welcome to the forum
If it is not considered as an primary residence, then you will need at least 25 - 30% down payment
Good luck and feel free to ask
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly
I Cannot help with your mortgage
wow...he changed costumes again!
If I am going to purchase this house as my primary residence and I am moving there and planning to live there then how would it work? People move to different states and purchase homes all the time....what happens in that situation?
guest, what you're suggesting is certainly a reasonable scenario. however, there is a big "IF" that has to be inserted in that phrase. if your job is within a reasonable commuting distance from the property, then it'll make sense to an underwriter. if, however, the distance is perceived to be too far, then you're going to run into a problem.
conservatism reigns in this marketplace, and the "problem" i noted could prevent you from obtaining that loan you'd like to get.
on the other hand, you may want to have this property be considered as a second home, which wouldn't cause too many gyrations unless you're putting a minimal amount down. it would then cost a quarter of a point at closing for the loan.
if it means closing on the loan versus not being able to get the loan, so be it.
conservatism reigns in this marketplace, and the "problem" i noted could prevent you from obtaining that loan you'd like to get.
on the other hand, you may want to have this property be considered as a second home, which wouldn't cause too many gyrations unless you're putting a minimal amount down. it would then cost a quarter of a point at closing for the loan.
if it means closing on the loan versus not being able to get the loan, so be it.