How quickly after buying a home can you purchase another?

My husband and I bought a home in AZ in Dec. 2012 and are now planning on moving to MO Jan. 2013 and renting our AZ house out. I was wondering if we will be able to buy another house in MO under these circumstances?
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June 28 2012 - US
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Answers (6)

You have a discussion about this situation with at least two lenders.  If you are able to afford two homes, it should not be a problem.
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June 30 2012
When we bought our AZ house they asked if our purchase of a home depended upon the rental of another. We are finacially able to carry two mortgages but I'm not sure that a mortgage company would see it that way. I understand this with the market the way it is, but I don't think their guidelines are one size fits all. Anyway, do mortgage companies take into consideration if one of your mortgages is completely paid by rent?
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June 28 2012
Seems like you guys really like buying houses. Have you thought about moving to Raleigh? I'd be happy to help you find a house here. Just kidding...sort of. But to answer your question, so long as you have the income and resources to carry two homes there's no time limit on purchasing. Talk to a lender that you trust as there may be some issues you'll need to address with them to give them confidence you can meet the obligations. Good luck.
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June 28 2012
Ha thanks wetdawgs. 
Correction: Dec 2011.
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June 28 2012
Every mortgage lender is different so it really depends on their requirements. You shouldn't be restricted from buying another home as long as you qualify to buy another home without selling your current home. I would have a conversation with a lender that was recommended to you by and family or friend and get help from an expert on the subject. Find out the facts and you'll know where you stand after a phone call or two. :) Good luck!
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June 28 2012
Profile picture for wetdawgs
Last I checked, Dec 2012 hasn't happened.  Do you time travel?

If your income supports mortgage payments for two homes and you have sufficient reserves, I don't believe there is a time limit.     If you are planning on counting rental income towards qualification, then it may be a different story.  
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June 28 2012
 
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