Answers (3)
- Cindy Quinton, "Cindy Quinton"
- Contributions:2444
I had a client recently who was able to do a conventional new home loan, while renting out the current home. He had excellent credit, over 30% equity in the current home, and a leasee willing to pay first, last, and a deposit well in advance of the closing/moving in.
- wayne lancaster, "funds2"
- Contributions:1865
You have a couple of issues........ if you refinanced your current home less than a year ago, there may likely be an problem being able get financing to purchase another property now. Your deed of trust/mortgage likely has a clause that says you agree to occupy the property for min of one year. Another issue will be not being able to count any rent to off set current payment.
I would suggest that you get pre approved including a real person Underwriting before you go forward. Getting an automated underwriter approval is not going to pick up the refinance if less than one year, but a real person doing a final underwriting will.......
I would suggest that you get pre approved including a real person Underwriting before you go forward. Getting an automated underwriter approval is not going to pick up the refinance if less than one year, but a real person doing a final underwriting will.......
- Julie Barnett, "julieqbarnett"
- Contributions:28
Since this goes a bit beyond just plugging in numbers on a mortgage calculator, I would suggest you find a financial institution that is qualified to give VA backed loans and discuss what you would like to do with a loan officer there. Many factors go into qualifiying for a mortgage, including your credit score, your debt-to-income ratio, and interest rate of the loan.
Your lending institution loan officer should be able to answer any questions in this regard, and also pre-qualfiy you for a mortgage before you start shopping for your new home.
Your lending institution loan officer should be able to answer any questions in this regard, and also pre-qualfiy you for a mortgage before you start shopping for your new home.
How much will I qualify for???
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