Can I Get a 1st Time Home Buyers Loan On a Cabin in the Mountains?
My husband and I want to purchase a cabin in the mountains with an FHA 1st time home buyers loan before Dec 2009 to qualify for the 8000 tax credit. The cabin would be our primary residence we are in the process of fixing his credit and applying for the loan. We have found a cabin and contacted the realtor. Here is the problem this is what our realtor is telling us first let me tell you lenders never have gone here the 19 plus years that I have been in business So it is cash or owner finance. and most sellers will owner finance when I tell them YOU buyers can not get loans. We have not been denied a loan. But the cabin we are looking at wants paid in full cash. Cant we get the loan and use it to pay the sellers in cash? Also can we take out extra for moving expense? Do mortgage brokers have something against home loans for cabins? Its in the 30000 range pretty cheap. any advice? thanks so much. The cabin is out of state we live in and my husbnd is self employed. my credit is good 718 and had planned on being a coapplicant with him to help our chances In other words can you take a loan out in one state for a home in another?
Asked by m0usi about Renting Real Estate
Usually you can...as long as the lender has branches in the other state. Dont listen to the realtor. Talk to a mortgage broker first. Understand though you will not qualify for the full 8K tax rebate. You will only qualify for 10 of the purchase price.
Answered by reenzz
I would like to dicuss your options please email Elaine on easyloans123yahoogroups.com
Answered by Morrow
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