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Old 08-14-2018, 06:51 PM   #1
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Loan questions, selling house and will have 6 months before our condo is ready

The wife and I will close on our house the end of September. We will be purchasing a condo and it won't be ready until 6 months or more and in the mean time, we are wanting to purchase a coach, live in it during the time between homes and wonder how it will affect us getting a loan. A few questions if you are still reading.

1. How will the loan company deal with our situation, not having a permanent residence for 6 months or more?
2. My wife will be staying with our son and daughter in law when I have to take a business trip. This typically happens 3 weeks a month for 2-3 overnights per trip. Is this enough to list our son and daughters house as a residence between the sale of our house and the purchase of our condo?
3. One of the loan companies we are looking at, Essex Credit, advertises they do full timers loans but I assume that means higher interest rates. Is this an accurate assumption on my part?
4. How would you handle this if you were in our situation. We don't want to mislead a lender so any thoughts would be appreciated.

If it matters, this is our first coach, looking at a ~$240,000 coach with 30% down. Wife has perfect credit and I'm at roughly 780. When we sell our house we will have zero debt, no cars, credit cards, nothing. I don't say this to be a brag (we have been blessed more than we deserve) rather to give a complete picture of or situation.

Again, we would really appreciate any thoughts on this.
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Old 08-14-2018, 07:09 PM   #2
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To me, it’s none of their business presuming you’re honest when you apply for credit. I’ve never had a finance person (for car, RV) ask if I had a contract on a house.

Do you own or rent? Own.
How long. XXX years.

Once the loan is written and done, you’ll have to update the lien holder with your new address, whether that’s a P.O. box or whatever. Same with your insurance.

Good luck with making it all work!
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Old 08-14-2018, 08:12 PM   #3
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Oh, man I SO hope this forum isn't your only go-to for answers to these really high-stakes financial questions. Since you're asking for thoughts, mine is that you should get hooked up with an independent financial advisor who has some real estate experience or absent that, a financial advisor who can double team with a real estate expert. If it were me, I would positively want answers to these questions nailed down before I bought an RV to live in full time. One thing to think about is there's a world of difference to a mortgage company between an owner-occupied property and one that's not owner-occupied. Given that a MH can be considered a primary residence, you'll need to figure out how to convince a bank that you really will live in the condo.
On the MH financing, call up Good Sam (Bank of the West) and get their opinion even if you don't use them. They finance more RV'S than anybody else on the planet and they specialize in full-timers. But they will only have a few pieces of the puzzle. Best get that financial adviser if you don't have one.
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Old 08-14-2018, 08:23 PM   #4
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As Fairfiledwiz said you really need to talk to a tax consultant. I've bought and sold 12 houses over the years, several of them were rentals.

There are some large tax consequences that can occur with the sale of your home, not to mention a host of other financial problems that can occur if the timing is not done correctly.
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Old 08-15-2018, 07:24 AM   #5
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Thanks for the replies, and yes, have an accountant and real estate expert involved as well. I was simply inquiring about the loan process, the ability to get a loan in my situation. Will call Good Sam, thank for the recommendation on that.
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Old 08-15-2018, 07:37 AM   #6
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Our situation isn't the same, but last year, we went full time.


BIG problem for getting any kind of major loan.



When buying our new motor home, no one will finance over $250k.


Even when buying our new Jeep, we had a a difficult time getting that financed. They know our St. Brendans Isle mail forwarding service is just that. They wanted us to have a fixed address that we actually lived at.


We both have excellent credit scores too.


BUT....your description of you financial condition sounds like it will be okay.

I am not an expert, I only offer this as our experience.
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Old 08-15-2018, 07:45 AM   #7
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6 months out isn't too far to begin getting preauthorized for the condo. Discuss the situation with those loan officers and follow their requirements.
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Old 08-15-2018, 07:49 AM   #8
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Now that I re-read your post, I probably shouldn't have replied.

Your new condo is a permanent mail address that they will accept.


I should have paid more attention the first time.


I'll go back into my corner now and behave.
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Old 08-15-2018, 08:57 AM   #9
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Easier to get loans before selling the house. I would buy the MH, sell the house, then buy the condo.
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Old 08-15-2018, 09:39 AM   #10
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Quote:
Originally Posted by BirchyBoy View Post
To me, itís none of their business presuming youíre honest when you apply for credit. Iíve never had a finance person (for car, RV) ask if I had a contract on a house.

Do you own or rent? Own.
How long. XXX years.

Once the loan is written and done, youíll have to update the lien holder with your new address, whether thatís a P.O. box or whatever. Same with your insurance.

Good luck with making it all work!
I should have said my post was predicated on the assumption youíd be buying an RV prior to closing on the sale. If youíre using funds from the sale for the down payment, it would change things.
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Old 08-15-2018, 10:05 AM   #11
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Quote:
3. One of the loan companies we are looking at, Essex Credit, advertises they do full timers loans but I assume that means higher interest rates. Is this an accurate assumption on my part?

NO.




The easiest procedure would be to get the RV loan before you sell the house. Just simpler paperwork. If you apply after selling, you appear to have moved recently (which leads to further questions), especially if you don't have any established residence in that time. You don't have to mislead anybody - they aren't going to ak if you plan to move in the coming year. Get the loan, buy the RV and make the payments. The lender doesn't care what you do afterwards as long as you pay the installments.
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Old 08-15-2018, 01:14 PM   #12
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I have a slightly different experience 4 years ago in shopping in that not having a home did increase the quotes interest rates by a percent or so.
I had a house at the time so no problem. One item in the loan I got was that there was a paragraph in there stating no full time use of the RV. I never got a chance to test if they meant that as I had the loan because I didnít want to be taxed on my ira withdrawal. And I made more in my ira gains than the interest rate on the loan. So I borrowed as much as possible When I sold I paid off the RV with the tax free gains from the home sales. Residence sales are in many cases a tax free gain
When I shopped larger amounts and longer term had lower rates than short term loans.
Good luck in your move and a smooth closing !
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Old 08-15-2018, 02:22 PM   #13
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if you have a loan on the rv, when you go to get a loan on the condo they will do a credit check which will show your rv loan and reduce the amount you will be able to borrow. Make sure you don't nix your ability to get a loan on the condo. There are a lot of variables, hire a cpa for an hour and get it right!
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Old 08-15-2018, 02:39 PM   #14
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I may be alone here - but I'd never call Good Sam for loan info. They don't own Bank of the West. That's owned by the French banking concern BNP Paribas.

Good Sam my have a "deal" to get kick backs from loans they refer to BoW (Essex Credit is a subsidiary of BoW) but Good Sam doesn't really add any value and in light of their poor reputation among RVers I'd sure leave them out of this transaction.

Again, I may be alone here, but you're new to RVing and maybe you don't know the poor rep that Good Sam/Camping World has overall.

We used financing to buy 2-RVs and then paid them off within 45 days. Once we used our Credit Union and the second time we used USAA Bank.
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