Leveraging 100% equity?

[Stephanie A.]

Hello!

I am in a great situation financially, but I don't know the best way to finance a second property. My situatuion is not all that regular. I would like some advice, please. 

First, I live six months and one day of the year in FL, and six months minus one day in CA. I want to stay a FL resident. 

Second, I own a single family home in FL. I do not have a mortgage on that property, I own it free and clear. The home is probably worth about 130k now. I rent it out when I am not there. 

Third, my income is not that high (about 60k) , and I am self-employed. I have had self employed income for two years. Last year my income was half of what it was this year. 

Fourth, my credit is 795. 

Fifth, I have no car payment, and no student loans, and no other debts.

I have a down payment of 10k, but could do a bit more (up to twice that), though I would rather keep cash out for other things.

I would like to buy a home in CA. I would like to buy a home valued at 200k-250k. Believe it or not, this is reasonable in my rural area. 

I need some ideas on how to finance this. Lenders so far have not really known what to do with me. 

Thank you so much!

[Chris Martin]

Finance it as a "second home". It's not your primary, because that's in FL. Page 186 of the . Just follow the rules on page 187-188. Talk to your lender and give him/her that reference...

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