Currently living in Oregon but retiring July 27. Do not own a home in Oregon. Moving to Nevada. Buying a home in Nevada. Mortage Company says they have to call it a Second Home because my retirement is not final yet. Is this going to be a problem down the road?

Hi Faye, having it called a 2nd home will not be an issue for you now or down the road. The only difference is that the minimum down payment will increase from 5% to 10% down and the interest rate should be the same. Seems very border line to have to call it a 2nd home over primary residence since you are retiring so soon, but if you planned on putting a down payment of 10% or more anyways you won't have any negative changes. Best wishes, Sean

That is not correct. If you currently do not own a home, and your plans are to move here permanently.....there is no reason they cannot do it as a primary. Call me if you would like to discuss it. Thank you........Check me out at the link below and get your free approval today!http://www.city1stlasvegas.com/EmployeeDetail.aspx?EmployeeID=35683&Thank you for choosing City First Mortgage Services,Nathan T. Kessler | Sr. Mortgage Loan Originator City First Mortgage Services8871 W Flamingo Rd Suite 202Las Vegas, NV 89147(C) 702.683.3126 | (F) 702.974.0848 | (O) 702-522-6743nathan.kessler@city1st.com www.city1stlasvegas.comCompany NMLS # 3117 | Branch NMLS # 819501Individual NMLS # 377217 NV #46175