Buying a Second Home or Investment Property

Tips and Deals Forums Buying Your Home Buying a Home in Seattle Buying a Second Home or Investment Property

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      I am looking at purchasing a condo/home in the Northgate/North Seattle area so that my parents can live there and rent from me. I can put 20% down for the price range I am looking at. I am a current homeowner with a mortgage. I am trying to figure out several things:

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      • What is the better way to go – purchase as an investment property or as a second home. My guess is my income may not qualify me to purchase as a second home.

      • I see a lot of bank owned properties out there. Are banks offering creative/preferred financing and low or zero closing costs for their REO properties?

      • I have heard about some Fannie Mae financing, does anyone know anything about that?

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      Just trying to get an idea if this plan is possible. Any comments/advice would be appreciated. Thanks!! GW

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