Profile picture for betmac

Can I refinance my current home and buy a new home as my primary residence at the same time?

I want to purchace a freddie mac owed home, I know my current home won't sale for awhile. I can afford both mortgages and my credit is excellant with very low debt to income. Can this be done and what mortgage company should I use?
  • December 28 2011 - Salisbury
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

As long as you can demonstrate that you have 25% equity in current primary residence soon to be investment property you will be ok.  Be prepared that interest rates are slightly higher for investment loans but they are still at historical lows.

It's quite doable and you might even be able to have a concurrent closing.

  • January 07 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

As long as you disclose this up front and refinance the current home as an investment property, any lender should be able to help you out.
  • December 28 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.