Click To View Links

Buying a Home 1st Time To Live In Part Time

by Carol
(Salt Lake City)

I want to buy my grandma's home in a different city so that when I or my family goes to visit her, we have a place to stay and to eventually move to full time. Can I purchase it as a primary residence? Would I be considered a first time home buyer?


Hello Carol,

I'm happy to see you come buy my site and ask your question. I will try to answer this for you to the best of my ability.

You say that you live in a different city than where Grandma's house is at.

When you apply for a mortgage, the lender will be very interested in knowing if this will become your primary residence.

So, if you live over 100 miles away from the home you want to buy, this raises a red flag with the lender because they know you will not be driving back and forth to work with a distance of 100+ miles. This varies from lender to lender.

You have a tough situation here. Most likely you would have to lie (not recommended since this is loan fraud) and tell them you are moving. This will create a whole different mess. They want letters from your new employer and even may even want to see a few pay stubs before they process the loan.

So to answer your question, you can buy the home but the lender will look at it as a vacation home most likely. Then it will require a minimum 20% down payment, higher interest rates etc.

I'm sure this is not what you wanted to hear, but I only tell it like it is here in my blog and on my website. I aim to help people get to the truth no matter if it makes you feel good or bad.

If you find this information helpful, could you pay it forward and help other people know about my website by using the buttons below to "like" us in FaceBook and gives us a shout out in Twitter? The buttons just below make it easy. Thanks in advance.

Sorry for the bad news,

Jeffrey Ragan

Click here to post comments

Return to Mortgage Questions.

Recent Articles

  1. Arkansas First Time Home Buyer Grants | Programs | Down Payment Assistance

    Dec 11, 18 05:55 PM

    Pursuing any Arkansas first time home buyer grants to purchase that home? Find the best grants for home buying in Arkansas and other home mortgage programs available on this page.

    Read More

  2. New Jersey First Time Home Buyer Grants and Programs

    Dec 11, 18 05:21 PM

    Hunting for New Jersey first time home buyer grants to purchase that home? Find the best grants for home buying in New Jersey and other home mortgage grants available on this page.

    Read More

  3. Kansas First Time Home Buyer Grants

    Dec 03, 18 04:09 PM

    Looking for Kansas first time home buyer grants for your down payment? Find the best assistance programs for home buying in Kansas on this page.

    Read More

Buyer Programs

fha loans

The FHA Loan Products

Home Buyer Grants

zero down home loans

Zero Down Home Loans

Follow Us On Twitter

follow me on twitter