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Started by tg007
about 18 years ago
Posts: 28
Member since: May 2008
Discussion about
I have 2 questions: if I buy a condo to be used as a pied-a-terre, and I don't own my primary residence, can I qualify for a regular rate (vs investment property rate)? Could I qualify for a home equity loan on top of the mortgage, or is this reserved for primary residences? Please assume excellent credit and downpayment >45%. Thanks.
Response by csn
about 18 years ago
Posts: 450
Member since: Dec 2007

There are actually 3 main rates: primary residence, 2nd home and investment property. You would easily be able to get the 2nd home rate which is superior to the investment rate. But you may have other options. If you can somehow use the condo as a primary residence, or at least register it that way, you not only will get the best rates but if you keep the property for at least 2 years as the principal residence, you will be able to deduct $250,000/$500,000 from any gain when you sell.

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Response by shong
about 18 years ago
Posts: 616
Member since: Apr 2008

The guidelines for 2nd home and primary are pretty much the same. You would still be able to get a home equity loan as well on top of the 1st mortgage. Terms will vary depending on loan amounts. sunny_hong@countrywide.com

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Response by dledven
about 18 years ago
Posts: 198
Member since: May 2008

yes, you can qualify easily,

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Response by tg007
about 18 years ago
Posts: 28
Member since: May 2008

OK. Thanks!

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