You could qualify for a 2nd home in Texas using the home path program with 10% down payment. You are allowed to own up to 3 financed properties currently with being able to document which properties are rental and which property is your primary residence. They will want your full tax returns for 2 years with schedule E, that would should rental income or losses and the rental property itself is designated on that schedule. Proof of all retirement income would last for more than 3 years. Your primary home is most likely designated through mortgage interest deducted in addition to being the property listed as your home residence through the actual mailing address listed on your tax returns. FNMA has a 4 financed property max. The classification of a 2nd home is a home in which you will NOT be renting out or using for investment purposes and have the ability to spend at least 15 days a year within. 660 min credit scores, 50% debt to income ratio and 2 months reserves PITI are required, in addition to documenting the 10% down payment. I am a loan officer as well and if I can help, just send me a message. Btw, I have the FNMA guide sitting right in front of me and thats where I got all of the specifics. Thanks, Jeremy

This is an impossible question for us to answer tonight. Having a rental property already makes it more complicated. So as loan officer of 29 years, I will make a credit package submission to an underwriter, even before you have a purchase agreement. You write me a letter of explanation of your intent for the home because of your family here. We'll see what they say. I am more suited to helping you as a broker because I deal with several investors, with several undewriters.

Your benefit is that even though one underwriter might not want to do it, another one would.

Call me at 210-842-4185 for a personal consultation.

Barbara Coker
NMLS#228545 Licensed Mortgage Loan Officer of 29 years


Web Reference: http://www.thecokerteam.com

Don't quote me on this - but I believe Homepath loans require pruchasers to occupy the home as their "primary residence" for 1 year. I'm not exactly sure how primary residence is "measured", but I would assume they would have to answer "yes" at least to the following: Do they vote in the county in TX? Is the TX address on their driver's license? Is the TX address their mailing address? Where are the majority of their belongings?

I would think one could own/occupy as many homes as they'd like - but in terms of getting to Homepath loan for the TX home......that home would have to be technically considered their "main" or "primary" home. How that is determined is what I'm not certain of. You may want check with the lender they are using who can speak directly to the Fannie Mae underwriters. They should be able to clarify the stipulations associated with these loans. Hope that helps!

Hello,

Yes and no. Give me a call at your earliest convienance and I can better explain over the phone.

Thanks!
972-832-2755

Recommend for your client to confer with a mortgage broker. Subject to where their primary residence would be consider. TX ? or CA ?

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
972-699-9111
http://www.lynn911.com