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Refinanced current home but may need to buy another home for good school district

Hi, I recently refinanced my current home as a conventional loan. But now my husband and I are thinking to move and buy another primary home on another city due to good school district. Will there be a problem getting another loan as primary? by ieuwenabangi544 from Paradise Valley, Arizona. Sep 30th 2020 Reply


You will be able to purchase a new primary residence as long as you can qualify for the new loan.If you would like to discuss your options give me a call 602-531-7040 or send me an email jafonso@azhomerates.com.

Oct 1st 2020
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,248 contributions

When you did you recent refinance as an owner occupied home, you signed paperwork saying your intention was to live in the property for at least one year. If you knew you were going to buy something else as a primary right after the refinance, that could be considered mortgage fraud. If at the time, you had zero intentions of moving, and this new purchase is all a new change, you are fine. For example, you took a new job across town and the drive makes no sense. Also if you are selling your existing home, you are fine. Occupancy fraud is the biggest mortgage fraud currently happening, as people always try buying or refinancing rental property as a primary home to get the better rates and deals of a primary home loan.

Oct 1st 2020
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,200 contributions

I agree with Joe. You just refinanced your primary residence. This means you have owned the property for at least a little while. Now 'Suddenly' you are concerned about the quality of the schools for your children? Because of this sudden concern, you want to buy another home in a place with better schools? Sorry, but this really doesn't pass the smell test. Wait the year you committed to with the Occupancy Affidavit. If at that time you still feel a move is warranted, go ahead and purchase the new home. You can then keep the old home as a rental. Making the move now, without selling the home you just refinance has all the appearance of intentional fraud. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We've got you covered. NEXA Mortgage is licensed in 46 states ~ www.ApplyYes.com 480-889-9000.

Oct 3rd 2020
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