All Forum Posts by: Daniel Gibson

Thank you @John Underwood and @Michael Baum!

The title says it all, can I buy a vacation home using a second home loan in a city that I already own property in but do not reside in? Thanks all!

If it's an older duplex, among other things, definitely pay attention to the plumbing. We had some roots in ours. A section of our pipes is cast iron, another portion is clay, the cast iron section had roots in the pipe where it had eroded over the years and the clay pipes had started to compress. 

Thank you @Maria Bakaj for your guidance and pointers, especially re: names of the mortgage vs. deed (and the potential downside of adding someone to the deed post-purchase). 

Best, 

Daniel

My fiancée and I are planning to move to Florida in Dec 2020, buy our first ever property, and we'll be getting married in Feb, 2021. The plan is to buy a fixer upper and house hack. The long term plan is to stay in Florida for ~one year before renting out our property and moving to Chicago to buy another property. 

I was originally planning to buy the property in Florida using an FHA loan, however, knowing that I can only play that card once (most likely) , I'd prefer to use an FHA loan to purchase a property in Chicago, where the house prices are generally higher than the part of Florida we'll be moving to. Given I have a few options, I also have a few questions:

Scenario A - I use an FHA loan to purchase the house in Florida
Q: Can my soon-to-be wife qualify for an FHA loan if I already have one after we get married?

Scenario B - I use a conventional loan to purchase the house in Florida
Q: Can I qualify for an FHA loan if I already have a conventional loan?

Additional context: 

• - I have a good credit score ~765
• - I have ~$30,000 for a down payment (I've been assuming I'd go with an FHA loan @ 3.5% down and planned to use the rest on fix up costs)
  - My fiancée's credit is okay (mid-600s)