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We are trying to relocate from Virginia to home on 16 acres in upstate New York. We have a buyer for our current house in VA, but are having problems obtaining a loan for the new home in NY. We are both retired from the military, and my husband has a great job, so financing the amount won't be an issue. However, until he retires in ten or so years, his main office is in Rhode Island. He's only able to come home every other month or so for a weekend visit because of the distance and costs involved. If we lived in NY, he could drive the 4-5 hours home every weekend. Our credit union said that Rhode Island has to be considered his primary residence because it's where he is employed, and is more than an hour and a half commute from the property. In order for them to approve the loan, they would require 10% down instead of the 5% normally required for a conventional loan (It has to be a conventional loan because the water source is a spring across the road, but it's been that way for the 30 years the house has been there). We've spoken with a mortgage broker in NY, but he suggested we go through a VA mortgage broker. The VA mortgage broker said he can't help us because it's a "unique property" (??). Does anyone have any ideas? Is this normal?
Any input or advice would be appreciated. Thanks!
RCatheron
If you're still using the forum...don't take slight at the lack of responses. I'm not sure what I could have offered in the way of a useful answer. Possibly others felt that way who also saw your post. At any rate, that's nice you two were able to secure the loan. Just out of curiousity, what area are you coming to.....Catskills, western NY, north country/Adirondacks?................ps....if nobody has already mentioned it...welcome to upstate NY...........(I'm a "prior", also).
Yes, welcome to upstate NY............curious where you are moving also. Yours seemed to be a very, very complicated question. Don't think anyone wants to give a poster bad info. Probably why you received no response.....People are usually very helpful on this site.
PS......How did you resolve the issue?
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It's complicated...........
