Can I apply for a “first-time homebuyer”/primary residence mortgage in GA if I am in NY and live in a coop?

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The shares in the co-op are completely paid for (no mortgage – just monthly maintenance fees for building) and my husband has been here all his life. We want to relocate to GA, but want to use the income of our jobs in NY and get a home first before we move (kids in tow – want the move to be as easy as possible. so thought it best to secure a home first). Will the mortgage HAVE to be considered a secondary residence since we are applying for a loan when we currently work in a different state than the home we want to purchase, or since we haven’t had a mortgage since the apt. building became a co-op 15 years ago, can we be considered first-time homebuyers, since technically we are (we both never applied for a mortgage ever) even though we live out of state?

1 Comment
  1. Reply
    mortgage maven
    May 1, 2011 at 5:41 am

    While you can be considered a first-time homebuyer (this will be your first mortgage), I don’t think you’re wanting to claim the Georgia residence as your primary home will work.

    When your loan application goes through underwriting they will apply a “reasonability” test to whether or not you could commute from your primary residence to your place of employment. You might have a tough sell on that NY-GA connection. Also, primary residences are considered “owner-occupied.” Unless you plan on leaving the house empty when you’re not there, you’ll be disqualified from claiming the Georgia home as your primary residence on this test as well.

    Good luck!

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