Can I get a first time buyer loan for 5% or less down on a property that is not my primary, not a rental and not a vacation home?

Hi Thomas, All loans fall into one of the three categories - primary, second or investment. Since this will not be your primary (tough to convince an underwriter that you will be commuting to another state), it would be either a second home or investment property. If you are not planning on renting it out before moving there eventually and will be spending some time there before eventually making it a permanent home, I think it's a strong case for a second home, which requires less down payment than an investment property. You could purchase a second home with as little as 10% down. While it isn't the 5% you are hoping for, it is better than 20%. I don't see you realistically finding a lender who will agree to allow only 5% down and treat it is as your primary. I hope that helps clear things up a little.

Hello Thomas,If you're GF's foreclosure was 3 years ago she might be able to qualify for an FHA loan. I can go as low 580 and FHA will allow a gift for the down payment. You would be looking at 3.5% down as a minimum.John posted on here earlier and he hit the nail right on the head with home being being put into 3 catagories. If you want to chat please email or call me and I would be happy to help you out Sir.

unfortunately there is no loan for what you are requesting. Although I understand the circumstance you are explaining, the underwriter of any bank will not see it that way. You will have to bring in 20%, there are no 3.5% to 5% down for you unless you move now. You may want to consider the recommendation of the other lender for your GF, assuming she has income and minimum fico of 580 to buy FHA.

You're welcome Sir.