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bboopo · Dec 28, 2010, 08:47 AM

I want to establish Texas residency,I bought a house in Houston in 2007, but because I lived in Md.and worked in DC.The house was considered investment property.My goal was to retire there,now I want to move there but I am gainly employed in DC,If I could establish residency in Texas and obtain a refinace my payments would be low enough for me to file for social security and retire. If I retire first my social security income would not let me quality for a new mortgage.

smoothy · Dec 28, 2010, 08:52 AM

Sounds a lot like what you are attempting would be considered fraud... because you don't actually live there, and haven't. What you will do in the future is immaterial at this time.

bboopo · Dec 28, 2010, 10:04 AM

I want to move to Texas,I just want to be able to keep y job inDC.

smoothy · Dec 28, 2010, 10:07 AM

Read the site rules about when you can use and not use Not Helpful or Disagree...

You can ONLY use those when information is inaccurate... which mine wasn't.

THat was a slap in the face and I take my positive feedbacks very seriously.

joypulv · Dec 28, 2010, 10:29 AM

You establish residency by spending more than half the year LIVING there, and not working in another state every week or month, simple!
Unless you are flying back and forth a heck of a lot and taking most of the year off, which I suppose some people do as they near retirement.
Very wealthy people are able to finagle things like this, but usually they are self-employed and can work when they want.
So work out some deal to work a month on and 2 off, commuting from HOME in Texas, or forget about it.

Fr_Chuck · Dec 28, 2010, 11:17 AM

You will need to live in Texas, so buy a plane I guess and fly to work every day ?

But seriously, you will have to actually move there and live,

smoothy · Dec 28, 2010, 11:26 AM

You are looking for a mortgage on a PRIMARY residence... and you HAVE to live in it over 6 months a year or it isn't a PRIMARY residence... claiming otherwise on the application constitutes fraud... and will get you in trouble. And possibly cause you to loose the house when they call in the loan when they find out.

And working in DC that's not going to be hard for them to prove. Your tax records will prove their case. And you will have to produce them on a refinance.

Mortgages on other than a primary residence have different terms, conditions and higher rates as you are already aware.

That is assuming it even gets through the approval process in the first place. Just a few years ago you might have pulled it off, but they are hyper critical these days thanks to past abuses and being too forgiving with loans given to people that should have never had one. And it impacts the rest of us today. Even those of us who have never been late even once.

ebaines · Dec 28, 2010, 01:26 PM

As others have noted, in order for the TX home to be your primary residence you must actually live there, at least half the tome (or at least more than you live wanyplace else). However, I really don't understand what the issue is here. If you were to retire and move to TX, you say that yuour retirement income wouldn't allow you to refinance the TX property. I find that hard to believe, given that you already have a mortgage on the property. Why would your existing lender be unwilling to refinance the property that you already have under a mortgage with them? Have they actually told you this?