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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Anyone here own a home in NY and another state?
I have a question regarding the mortgage.
Thanks!
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Posted 8/1/07 11:14 AM  |
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Prudential Douglas Elliman Real Estate
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Kissy331
My two miracles!
Member since 5/06 17826 total posts
Name:
Kristen
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Re: Anyone here own a home in NY and another state?
DH & I do but the house out of state doesn't have a mortgage
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| Posted 8/1/07 11:28 AM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Anyone here own a home in NY and another state?
We do, we have a condo in SC.
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| Posted 8/1/07 2:09 PM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: Anyone here own a home in NY and another state?
We do. What's your question?
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| Posted 8/1/07 6:23 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Anyone here own a home in NY and another state?
we do as well. Please let me know if I can help.
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| Posted 8/1/07 8:40 PM |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: Anyone here own a home in NY and another state?
Thanks!
Well, we have homestead exemptions on the house OOS and wanted to keep that house as our secondary (our house in NY primary) being that I'm still in NY and working here. (I obviously can't put the OOS house as primary and get a mortgage solo if I don't work in that state). And in order to get the HE, I need to make the OOS house primary.
I was wondering if I could get the mortgage and have the OOS house as secondary and then switch it over to primary once I've settled in the OOS house and have a job there. Does that make sense? I was going to call the mortgage company today to ask but I figured I'd ask you all first to get some insight.
I'm sorry in advance if I confused you lol
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| Posted 8/2/07 8:45 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Anyone here own a home in NY and another state?
I wish I could help but I haven't looked into this. We are keeping the OOS condo as secondary and renting it out.
Eventually, I will sell it.
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| Posted 8/2/07 9:50 AM |
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NoStressMom
My Heart and Soul
Member since 5/05 11122 total posts
Name:
D
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Re: Anyone here own a home in NY and another state?
Posted by Blu-ize
I wish I could help but I haven't looked into this. We are keeping the OOS condo as secondary and renting it out.
Eventually, I will sell it.
we are doing the same with the home we have in SC renting it out for now and holding it for awhile and see what happens in a few years if we will sell it! Just had it built last year.
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| Posted 8/2/07 9:51 AM |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: Anyone here own a home in NY and another state?
I am going to call up the mortgage company and ask them!
Thanks guys!
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| Posted 8/2/07 10:01 AM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: Anyone here own a home in NY and another state?
Posted by bicosi
Thanks!
Well, we have homestead exemptions on the house OOS and wanted to keep that house as our secondary (our house in NY primary) being that I'm still in NY and working here. (I obviously can't put the OOS house as primary and get a mortgage solo if I don't work in that state). And in order to get the HE, I need to make the OOS house primary.
I was wondering if I could get the mortgage and have the OOS house as secondary and then switch it over to primary once I've settled in the OOS house and have a job there. Does that make sense? I was going to call the mortgage company today to ask but I figured I'd ask you all first to get some insight.
I'm sorry in advance if I confused you lol
We have property in NY, PA & VA but we not investigated switching either property to primary. Our NY exemption is much higher than VA & PA has no homestead exemption. Only a primary residence qualifies for the homestead exemption.
By the way, you can get a mortgage for a primary that is OOS even if you do not work in that state. It depends on if you are really living there i.e., commuting to work in NY from CT, NJ or PA is reasonable.
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| Posted 8/2/07 4:55 PM |
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