I live in CA, I am a renter and have been employed with the same company in CA for over 2 years. I am interested in purchasing a home in NV as a vacation/resort/second home with 5% down.
Are there any loan programs available for this type of transaction? The vacation home is for personal use only and will not be an investment home.
=====ANSWER=====
Hello Friend,
Thank you for coming to my site and asking your questions.
What you are looking to do here may be rather hard to get done as you present it. Lenders will be looking at the home you want to purchase as a vacation home unless it is close enough to your work where you can commute each day back and forth.
Normally this range is 50-100 miles. They know a person will not drive much more than 100 miles each way to work everyday.
So, if the home you want to buy is beyond that range, it will be a vacation home and you will not find any lenders that I know of that will let you buy it with only 5% down. Most likely you will need 20%-30% down since it will not be your primary residence.
So, the question is how close is this home to your work. That will be the acid test.
Rental and employment history sound good if you have 2 years or more on the same job and lived in the same place as a tenant.
Your credit score will be an important part of this transaction as well.
I hope you find this helpful. Although I'm imagining that it is not what you want to hear. I would appreciate it if you would like this page at FaceBook and shout us out on Twitter.
Understanding how credit scores work is the beginning of the mortgage process. Know your credit scores before you apply for a mortgage. Many free details found on this page.
