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Can I please have help with a tricky situation please...

I am currently looking to purchase a second home which will be used as my primary residence. My first home is currently being rented out and I am not looking to sell it. Will i be able to obtain another mortgage for a new home? if so, what would the criteria be? Thanks...
  • July 26 2012 - US
  • 0Yes

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Answers (3)

A simple answer would be yes, but there is a set of specific guidelines that need to be met for that to be true.Since you don't appear to have a referral to a loan officer, I would suggest going to Professionals tab above and locate a loan officer in your area/state. One of the purposes of loan officers answering questions on this forum is to assist consumers when they need a mortgage. They could then refer you to a Realtor hopefully with a pre approval letter.
  • July 26 2012
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I suggest that you contact a loan officer at 2 local banks.
  • July 26 2012
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Profile picture for benwooten
People do it all the time. The short answer is, yes, assuming that you meet all of the normal loan qualification guidelines you should be able to get another loan.

Often lenders will only count 75% of your rental income. So if your current mortgage is 1000 and you rent it out for 1000, your monthly debt-to-income is going to take a $250 hit.

The best thing for you to do is consult a lender and work on the details. Since many many many lenders today are absolutely horrible... I recommend finding a realtor you trust and allowing them to refer you to a lender that they do business with. At least then you're working with someone that has a proven track record.
  • July 26 2012
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