Ocean City, MD

Virginia Beach, VA

Myrtle Beach, SC

Outer Banks Vacation Guide

Home | Contact Us | Advertise with Us

Find an Outer Banks Hotel...
Book Online - Fast & Easy!

Share your photos, videos, and vacation stories!

Be the first to hear about Hotel Discounts and Special Offers!

by Corolla Classic Vacations

Carolina by the Sea
Oceanfront: Pine Island
Bedrooms: 9 Sleeps: 22

A View to Sea
Oceanside: Ocean Sands
Bedrooms: 7 Sleeps: 18

Waverly
Semi-Oceanfront: Whalehead
Bedrooms: 9 Sleeps: 22

Dune Deck
Oceanside: Ocean Hill
Bedrooms: 7 Sleeps: 16

More...

Outer Banks Message Board

Our Outer Banks message board is a community where anyone can ask questions, share comments, and post recommendations about the Outer Banks. By participating on this message board you acknowledge that you have read and agree to any and all of the conditions in this notice.
Popular Message Board Topics!

General Discussion

Area Information

Where To Eat

Topic: General Information

Message Board Main Page > General Information

Main Topic Post: General Information

Posted By: Guest

Subject: ? for homeowners

We are Considering buying a home in OBX to use and rent. When securing a mortgage, are the qualifications (ie income) much differnt to in comparision to a home you would buy for you primary residence? I have heard when buing a rental property the criteria is much differnt.

Message Replies:

28030: RE: ? for homeowners

9/14/2008 9:31:12 AM

Posted By: Guest

It is not that much different. You will need 20% down and they can use the projected income to help qualify. The biggest suggestion I can make to you is to speak to a local lender or one that understands things like Elevation Certificate, Flood Zone VE, plus the 3 insurance policies you need, etc. Avoid the Internet lenders, if they are even still around, I have nothing but trouble from them.
Email David at
plantersmortgage3@earthlink.net

He can help answer the questions with real numbers for you. Good luck with it too, it's a good time to buy.

28032: RE: ? for homeowners

9/14/2008 9:36:47 AM

Posted By: Guest

28030 speaketh the truth.

28049: RE: ? for homeowners

9/14/2008 11:35:58 AM

Posted By: Guest

wow, sounds like i have a lot to learn...Elevation Certificate, Flood Zone VE, plus the 3 insurance policies ....unaware of any of those! Like i said, we are just starting to consider,thanks for your input.

28068: RE: ? for homeowners

9/14/2008 10:01:44 PM

Posted By: local realtor

Not so different. I just sold a property under $500,000 and they put down 10%. They only had one appraisal and one insurance quote. If the home has rental income that will be considered. Talk to a lender you may know in your area or we have several great ones here on the Outer Banks. Yes, homes are still selling and it is the best time to buy.

28082: RE: ? for homeowners

9/15/2008 8:18:49 AM

Posted By: Guest

It is not one insurance quote it is 3 insurance policies. Wind, Flood, and Regular

28464: RE: ? for homeowners

9/24/2008 7:48:12 AM

Posted By: Guest

Check out the gorgeous semi-oceanfront 6 br in Nags Head! It's 3 houses south of Souvenir City!! ;-)!!

28728: RE: ? for homeowners

10/1/2008 1:54:09 PM

Posted By: Guest

no, its gotta be Carova

Post A New Reply

Posted By: (Leave blank for 'Guest')

Subject:

Message:

Please Click Button Once!

You may also be interested in:
Ocean City, MD Message Board
Virginia Beach, VA Message Board
Myrtle Beach, SC Message Board

Google Analytics Alternative