Buying a condo for future retirement

Anonymous — Wed, 04 Jan 2012 20:15:52 GMT

I'm trying to plan ahead a bit, and have some questions. Background: I currently live in New York City, but plan to purchase a condo in Los Angeles for my eventual retirement. I'd be renting it out in the meantime. This would be my first home purchase. After many years of struggling with debt and credit issues, I am proud to say that I am 52 years old, have a 770 credit score and if all goes according to plan, I will be debt free and have the 20% down payment in about 1.5 years.

1) If I don't currently own a home, is this still considered an 'investment' property simply because I won't be residing in it? If so, how does that affect me?

2) Where do I apply for the mortgage, in New York or in California? Or does it matter?

I want to be ready to go as soon as I hit the magic 20% number (assuming prices don't go up dramatically in the meantime), so I want to get all my ducks in a row now.

Thanks! I've lurked on this forum for years and found it very useful and encouraging.

Martha

topic Buying a condo for future retirement in Mortgage Loans

Buying a condo for future retirement