Primary, Second Home or Investment property?
Hi all, I would appreciate any guidance on my situation.
Last year My brother and I co-bought a house for my family to live at iin CA, since then ive relocated to TX and I am currently renting an apt. I didn’t actually live in that house.
I am looking to buy my own property in Houston towards the end of the year (2021) and I am wondering what my options are. I have about 20% saved up of a property within my budget and I am looking at possibly using it as an investment property down the line.
Woud it be considered a Primary Residence since it truly would be my first primary residence? Or a second home because it is the second House I buy/own or an investment property because I plan to invest it later?
Which Home Type would be the best and most honest step moving forward to avoid paying a higher downpayment and less interest rate?
I would appreciate any input. Thanks!