Buying a 2nd home after we bought our first with cash
We just bought a house and paid in cash. We now plan to buy a second home through financing. Will the 2nd home be counted as our first or second home? I didn’t declare the first home when I filed taxes and we didn’t live in the first house. by aschmitz86 from Fort Lauderdale, Florida. May 17th 2022
John Burke (jburke)
#27 ranked lender in Texas - 321 contributions
When you apply for a mortgage for the new home you'll have to list your current home in the real estate owned section (REO) and what the occupancy status will be of both homes. Not disclosing the 1st home is considered mortgage fraud as is saying you will occupy a home as your primary residence when you have every intention of renting it out. | John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231 |
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