AboutTom Burris Expertise I can answer any question regarding Mortgage loans for Purchase or Refinance.
I currently work as a Mortgage Banker in Dallas, TX and have experience as a Mortgage Broker.
The favorite part of my job is helping First Time Home Buyers. I also consider myself an expert of Credit and Credit Qualifying for a home loan. Many of my loans are the result of showing clients how to credit qualify for a loan after they were denied in the past.
We do FHA, VA, Conventional & Subprime Financing. I have extensive experience in Investor Loans as well.
I will NOT answer questions about 'getting around guidelines', ect.
Or if I sense that you are trying to call your 'investment' property a primary residence, I will reject the question.
I will ALWAYS err on the side of caution if I sense that the question is fraudulent in nature.
Experience 4 years experience as a Mortgage Broker and as a Mortgage Banker
Education/Credentials Mortgage Professionals in Texas are required to take many ethics courses and other industry training to satisfy State mandated continuing education requirements.
Site Owner of DallasLoanGuy.com which has lots of free mortgage info for the First Time Homebuyer and Veteran Homebuyer as well.
Question QUESTION: Hi Tom. I am a 25 year old single mother and I just bought my first home in California May 2009. I signed that it would be owner occupied for the first 3 years. I have a friend/roommate living with me. I have had a boyfriend for 7 months now. I never thought I would settle down after my ex and I planned on spending my time for my daughter which was why I bought this home. However, I met this really great guy and we want to move in together. He just bought a house in January and has the same issue. I get really paranoid about doing the wrong thing but I just don't really have another option. I live in a small gated community which i where my ex works. I feel like even I did move out early and let my roommate pay me and keep my mailing address and what not, that somehow, my ex would find out and tell my mortgage company. I can't possibly not live with my boyfriend for the next 3 years and neither one of us are supposed move from our home. Is this something maybe they would make an exception for? I was trying to have a stable place for my daughter and myself but at this point would like to keep it and try to move on with my life. I can still pay the mortgage payments I just want to move in with my boyfriend as we are talking about getting married. We live about 45 minutes away so the gas and drive time are just obsurd. Also, my roommate would benefit from it because he would be able to have his kids at the house. Can I please have some advice? What are the possiblities of getting in trouble? The repercussions? Thank you
ANSWER: What did you sign saying that you would stay in the home for 3yrs?
Lenders understand that sometimes your plans change..... Did this have to do with the tax credit? Or down payment assistance?
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QUESTION: Thanks for the quick response. It was in the loan papers. The house is in California, the house was 140,000 and my parents had put the down payment of 20,000 which I believe 4 of that went to closing so we put 16,000 down on the house. The down payment was signed over as a gift and not to be repaid. The loan was one of the "First Time Home Buyer Loans" but Im not sure why I would be tied down so long. I signed it because I wanted a house, if you know what I mean. I did get the 8,000 tax credit already because I knew I'd be buying a house and I filed for an extension on my taxes so after I bought the house I got that but Im not sure if that has anything to do it. Would it be better to risk it or talk to the lenders? I dont want to ask them and have them tell me no and then they have a heads up to watch out for that...
Answer Well, you are going to have to have someone look over your paperwork. Not sure what FTHB program you are talking about..... Lenders usually don't have anything in the language about 3yrs. This must have something to do with this program. Did you get a special interest rate? Down payment assistance?
And you might want to look into the tax implications too.
I know you have to keep the home a certain period of time or it has to be paid back. You might want to call the IRS Hotline and ask them about your specific situation and how it affects your tax credit.
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This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
