I work traveling to diffrent states, am trying to buy a home in nc as my primary home and im having a difficulty getting financing, most banks will only finance as a secondary home, any info on what my options are??
2006-09-02 03:17:08 · 6 answers · asked by MANGA 2 in Business & Finance ➔ Renting & Real Estate
my credit excellent, have savings in the bank, all is good, the thing is that the two banks i have dealt with say it would be a secondary home??
2006-09-02 03:33:27 · update #1
Absolutely. I've lived in New Hampshire for years, and always worked in Massachusetts. Check with other banks.
One thing you may want to investigage before you go any further is your credit report. There may be something on there (true or not) that is causing the problem. Also, banks look hard at how long you've been employed.
2006-09-02 03:27:46 · answer #1 · answered by Ragdoll Kitty 4 · 0⤊ 0⤋
The mortgage company I work for has similar guidelines. Basically, if you are trying to establish a primary residence that is more than an hour and a half from the place you work, we consider it a second home. Afterall, how many people make that kind of daily commute? Now, in your situation since it sounds like you travel quite a bit, you should be able to get a letter from your companies HR department that states your job duties and that because you travel, you can establish a primary residence anywhere and still perform your job duties. This should be enough to satisfy an underwriter's requirements on financing for a primary residence.
2006-09-02 04:50:32 · answer #2 · answered by dlapasky 2 · 0⤊ 0⤋
Do you own another home now? If you don't, I don't see how it could be considered a secondary home.
I do closings for people in NJ, most of whom work in NYC. Not a single one has been considered a secondary home. The buyers sign an occupancy affidavit, and that's it.
2006-09-02 05:16:51 · answer #3 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
Try a different bank. They're trying to gouge you. You said you've dealt with two banks. That's a far cry from "most banks".
2006-09-02 05:31:38 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Work with a mortgage broker. They will do the legwork and work hard for you to get you exactly what you need. Find an experienced one though, that industry has seen lots of newcomers.
2006-09-02 03:48:30 · answer #5 · answered by msgchef 1 · 0⤊ 0⤋
why not try to consult a financial consultant?
2006-09-02 03:20:00 · answer #6 · answered by bubblegirl07 3 · 0⤊ 0⤋