J. P asked:
separate from a cash buy on a investment property can i buy a home as a primary residence with a first time home buyer program.
Bryan
separate from a cash buy on a investment property can i buy a home as a primary residence with a first time home buyer program.
Bryan
Shirley
probably, since you aren’t residing in the investment property
Comment by Doctor Deth — March 15, 2009 @ 12:20 am
Allen
Probably, since the investment property doesn’t show up on your credit report. However, you need to disclose the rental property on your application, so that might nix that. You can’t leave it off the application- they might run MERS and see your name on the title.
Comment by aoverton1983 — March 15, 2009 @ 8:44 am
Beth
JP,
The only way to find out is to apply.
Always disclose accurate information on all loan applications. Not disclosing the investment property is bank fraud.
Most underwriters may only ask for a letter of explanation about the investment property and copies of your tax returns to see if you are actually treating that property as an investment.
Based on what you have disclosed, a 3% down loan programs would be available to you.
When in doubt, error on the side of honesty.
Good luck.
Comment by cktawney — March 17, 2009 @ 6:37 pm