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

Profile picture for betmac
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?
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December 28 2011 - Salisbury
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Answers (2)

Profile picture for tejks
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.

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January 07
Profile picture for Joe Cafiero
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.
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December 28 2011
 

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QuestionCan I refinance my current home and buy a new home as my primary residence at the same time?
  • Latest answer by Andy Matejka
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