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Can I get a loan even if we own a home already?

We have a home we are renting right now since we can not sell it for a profit. How do we find out if we qualify to buy another home?
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March 27 2012 - Orem
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Answers (4)

You can check out one of our videos that we did on this subject. You have a few options on qualifing for both homes and waiting a year and then qualifying. Check it out. I think it will help you get started. Then you can talk to a lender to get into the details of your situation [hotlink removed by Zillow moderator]
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June 13 2012
Financial information is too private to discuss in this forum, the answer generally is yes, you can qualify for a second loan, but it is not a straight forward answer since there are many things to take into consideration.  Your best bet is to sit down with a lender and discuss your options.  Good luck!
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March 28 2012
You can still purchase another home, but it will be more difficult. If you plan on renting the property that you currently own and have less than 20% equity in that property, we will count that loan payment against you when you qualify for the new property - regardless if you are leasing it because you do not have a history of renting -

There are many factors to consider - including a HARP 2.0 refinance on the current property to bring that payment down. If you have questions or just want to chat - feel free to reach out.

Justin Coleman
801-759-7252
justin@justin-coleman.com
Security National Mortgage Company
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March 28 2012
you will want to visit with a lender about your options.
Many people are able to do this, but carefully review your budget etc.   Just because someone will loan to you doesn't make it a good idea.

You'll want to factor in what happens if your renter stops paying or the A/C stops working at the rent house or some other bizarre thing that you can't control which causes you to have to spend a lot of money.

it can be done.
you might need a bigger down payment.  (which really just helps you not find yourself having a home that's not worth what's owed on it in the future- should the market decline again)
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March 27 2012
 
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