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I own a home with 2 other people can I buy another with someone else?

I own a home with 2 friends and we want to sell but we are underwater pretty deep. We are current on payments and have not plans to default. My fiance and I would like to buy a home of our own. Will a bank lend to us for another home with my name still attached to the other home ?
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February 26 2012 - Coatesville
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You will be liable for the payment on the home you presently own with partners. It will affect your ability to qualify unless you can have them refinance, which according to your statement is presently impossible as you are upside-down.

If your combined income is enough in comparison to your combined total debt (monthly) payments which include the present home payment, credit cards, student loans and auto loans, etc., then you may still qualify. In other words, you can apply individually or jointly. Contact your mortgage loan professional to see what your options are.

There are home buying options on contract and on a lease with option to buy which may give you time to create an income qualification opportunity later. Once you receive income for a year from your partners after you move, it will be considered as rental property for you. Then the payment will be offset by the income. However, you need to plan appropriately.

If your present partners will finance together with you on your new home purchase, that may be a solution; or maybe you or your fiance have a non-occupied co-borrow willing to jointly apply with you.

You need to plan with an expert in mortgage financing and involve your tax advisor, legal advisor and financial advisor to get all the right answers.

Good luck in your new partnership ... marriage!
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February 26 2012
 
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