Question about 2nd home purchase..
Thread DetailsLast Edited by maxie.maverick July 28, 2016 at 02:24 PM
1. We bought a new condo 3 months back. Husband is the only name on 1st mortgage application although "Husband+Wife" names are on the deed.
2. Another condo in the same community comes up for sale. Wife interested in the purchasing this with only her name on the 2nd mortgage application although "Husband+wife" names are on the deed.
1. Can husband call the 1st home his primary residence and wife call the 2nd home her primary residence?
2. Seller of 2nd condo wants to continue in the home after closing date for a total of 6 months before moving (month to month tenant for this duration). How will this affect mortgage? Can we still call it wife's primary residence because legally her mail can be delivered here?
3. How will this affect our taxes?
4. Is this even possible?
5. Is this even a good idea?
6. After tenant moves out, we plan to move to the 2nd condo and rent out the 1st... Will husband be forced to refinance because it becomes an investment? If husband is happy with 1st mortgage rate, can he continue just paying that without refinance?
7. Do we have to disclose to the lender that wife's name is on the deed of 1st home even if she has nothing to do with 1st mortgage?
8. Will lender/underwriter change their decision if they know wife is co-owner of 1st home but has zero debt and so is qualified to purchase new home?
Help appreciated. Thank you