Puchase of Prop. out-of-state; Lenders? |
| Posted by: LstreetRodeo Jul 19 2004, 01:38 PM |
| Hello: I am in need of some advice; I will be relocating to Florida for school and wish to purchase a condo. My parents will be doing the purchasing while I rent it. We both own homes in Massachusetts, but I am not in a position to refinance to contribute so this would be their purchase. They have plenty of equity to refinance; what would be the best approach at financing this purchase? And whom can we contact for purchasing an out-of-state property? Does it matter if we originate this from a MA or a FL bank? Thank you in advance for your feedback! |
| Posted by: loanuniverse Jul 19 2004, 06:14 PM |
| what would be the best approach at financing this purchase? Chances are you could get more lenient financing if this is approached as a second home purchase for your parents. As in “We would like to buy a condo for our use and that of our son/daughter while he/she goes to school down here”. Investment property is a bit harder to get a loan for because is a loan that can not be easily sold in the secondary market. Having said that, you both need to take a look at the tax advantages of going for one form or another of financing. You should also be completely honest in the way that your application is filled out. whom can we contact for purchasing an out-of-state property? Have you come down to see the school? My first choice would be a local real estate agent in whatever city you are moving to. Does it matter if we originate this from a MA or a FL bank? Not really, but a local Fl. Bank should be able to turn this around faster. Good luck |
