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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?
  • 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]
  • June 13 2012
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Profile picture for Ofe Polack
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!
  • March 28 2012
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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
  • March 28 2012
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Profile picture for Connie Klemme
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)
  • March 27 2012
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