Get residential mortgage for remote worker

Amazon / EngdeJ2q8
Dec 5, 2018 7 Comments

For residential property, you can put very low down payment, 5%, 10%. It's much better deal than investment property (20%+), but the criteria is to live there. If you work remotely, can you move to the place you want to buy house and apply the residential mortgage?

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TOP 7 Comments
  • First Tech Credit Union / Consultant
    TT425

    First Tech Credit UnionConsultant

    PRE
    First Tech Federal Credit Union
    BIO
    Mortgage Consultant at First Tech Credit Union Seattle Market
    TT425more
    If you don’t move into the home within a 60 days of the closing date then it does not considered as a primary home. If your working remotely and want to buy a home, consider buying a 2nd home/vacation home. The guideline and criteria is the same and primary resident.
    Dec 7, 20182
    • Amazon / EngdeJ2q8
      OP
      Wow thanks. That's a good news. I have never heard it. Can I still rent out the 2nd/vocation home?
      Dec 8, 2018
    • First Tech Credit Union / Consultant
      TT425

      First Tech Credit UnionConsultant

      PRE
      First Tech Federal Credit Union
      BIO
      Mortgage Consultant at First Tech Credit Union Seattle Market
      TT425more
      Yes you can, vacation home doesn’t requires you to stay there all year round.
      Dec 9, 2018
  • Amazon / EngIAmJob
    Your work address is not your primary address. You can get a mortgage as long as you tell the bank it's your primary home.
    Dec 5, 20180
  • Amazon / Mgmt
    sPvw07

    AmazonMgmt

    PRE
    Uber, LinkedIn, AT&T
    sPvw07more
    Where you can pay 5%?
    Dec 5, 20181
    • Amazon / EngdeJ2q8
      OP
      Down payment. FHA loan or convention loan.
      Dec 5, 2018
  • Quicken Loans Kbzh37
    If you’re saying you wanna call it a “primary” when it’s actually an “investment,” yes, you probably can get away with it, BUT if something smells fishy to an underwriter (like not ending a lease/selling your current home, or just overall purchase reason doesn’t make sense) they might flag and investigate it which could get you in alot of trouble. Good luck!!!
    Jan 300

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