Profile picture for user0864924

I need to move due to job location

I need to move due to a job location change (within the same company).  The market hfor selling is not good.  Is it possible to rent my current home and (which I still make ppayments on) and buy a second home?
  • February 16 2012 - South Boston
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Answers (5)

Profile picture for NinaHarris

Hello User,

Yes it is possible as long as you have a good credit score and your debt to income ratio is within the guidelines.

Good luck with  your relocation!

  • February 17 2012
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Hi user,

Yes, it is more than possible, although you may have both mortgage payments count in your DTI unless you have rented property for two years and it is reflected on your taxes.
A good lender should be able to pre-qual you within minutes.

Jim, American Bank.
  • February 17 2012
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Yes, you can buy a second home if your loan officer determines that you qualify for another loan. However, be cautious about the possibility of paying two mortgages if for some reason your first home has trouble renting. 
  • February 16 2012
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It is possible. However, your lender will require you qualify for both mortgages and you will have to check to see if the income you receive from the rent can be applied towards your income.
  • February 16 2012
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Profile picture for JamesKuang
Yes it is possible.  Your lender will want to see that you are able to handle two mortgages though.
  • February 16 2012
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