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Can I buy a house if my current house is upside down?

I have approximately 30k to put towards the purchase of a larger home. My current home is upside down by approximately 160k. The current loan is not Freddy or Fannie backed.
  • September 15 2013 - Escondido
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Answers (5)

Speak to a loan officer, if your credit/income supports two mortgages I don't see an issue-

Best wishes!

  • September 16 2013
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Profile picture for wetdawgs
If you aren't sure about any of the answers to any of the questions, sit down and do some data collection and then review the subject with a lender.
  • September 15 2013
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Not sure. We would like to use the home as a rental for a while. I do not want to walk away from the home nor do I want to short sell but as time marches forward we may have to consider one of these options.
  • September 15 2013
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Yes if you can qualify for another loan. It does not matter the condition of the current loan or who it's backed by. If you can qualify for another loan payment, your credit and income is good and you have a job then you could. Go see a loan officer to find out.
  • September 15 2013
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Profile picture for wetdawgs
Maybe, but possibly not.  

What are your plans for the home that are currently underwater?

Do you have $$ in the bank for mortgage and expenses for both homes for six months (preferably longer)?

Do you have sufficient income to be able to afford monthly mortgage payments and the expenses of two homes for a long while?

  • September 15 2013
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