I live in Cali (Orange County) My income is about 50k a year. I am getting married in a year or so. That gives us a combine income of 85k a year. I purchased a condo in Las Vegas about 3 months ago. I saw how hot the market is out there. I know for a fact I couldn’t afford anything in Orange County, so that is the reason I bought outside to hopefully build some equity. I did a first time buyer loan. (Claiming I’m living out there) I am renting the place out now. It’s going smooth. If I do decide to purchase a home I will use my soon to be wife’s credit and apply for a first time home buyer loan. But now that I will be applying with her will that affect my property in Las Vegas? I have submitted to the assesor that the las vegas home was my primary address. ( I got away with this because of my job) I travel. Well anyway. What should I do when applying for a mortgage loan in Cali. Should I sell my place in las vegas? Should I contact the assesor? Will I have to sell the property? Will any of this affect me? Please help!!! 23 year old guy who needs advice… Thanks so much you kind people…
Before I answer did you get something like the American Dream or Nehemiah program? If you got 100% financing and that’s all then don’t worry that much just keep your payments on time and they may never find out. When you and the wife to be get married you can then turn it over to an investment property and let the assessors know. The reason I asked is because some 1st time homebuyer programs have certain restrictions on how long you have to live there and sometimes they may ask to pay the money back.
I am not sure where you purchased your condo here (Vegas), but I would hang on to it. The market has cooled down from the frenzy pace but we are still normally a hot market overall.
I don’t do condos so not sure how the appreciation works on them. Homes in the good parts of Vegas (IE Summerlin), should see 12-15% appreaciation in 2005. There is a shot to see a little higher as well. It is mainly going to depend on how much more inventory the builders of new developments have.
The major one being built is sold out through the next few phases already with the builders who have started releasing homes. Within 3 years, homes that sold for $150,000 a few years or so back will hit or come close to the $500,000 mark with just standard appeciation and no bursts.
This equates to $600,000+ homes in many areas within 5 years.
Thanks Katrina, I will find out…When you say have to pay the money back…What are you referring to? I am confused on that. Thanks again.
The real answer to your question is you need to be honest the next time you apply for loan. You obtained a loan based upon fraudulent terms. This is a crime; albeit one many people seem to look the other way about.
Fortunately, its not the end of the world; hang on to your condo and keeping the payments current and then in a year or so when you figure out what you want to do or buy next, make a truthful application for a home loan to your lender of choice.
WITH SOME PROGRAMS YOU HAVE TO STAY AT THE HOUSE FOR A CERTAIN AMOUNT OF TIME. THESE PROGRAMS WOULD HAVE GIVEN YOU DOWN PAYMENT ASSISTANCE OR ASSISTANCE ON YOUR CLOSING COST. YOU WOULD HAVE PROBABLY HAD TO TAKE A 1ST TIME HOMEBUYER WORKSHOP CLASS IF YOU HAVE THIS TYPE OF LOAN. IF YOU JUST GOT 100% FINANCING THEN YOU DON’T HAVE TO WORRY. WITH YOUR NEXT HOUSE YOU COULD PROBABLY GET 100% FINANCING WITHOUT 1ST TIME HOMEBUYER PROGRAM. THESE PROGRAMS HAVE THEY’RE UPS AND DOWNS.