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Answers (5)
- STL Mortgage Rates
- Contributions:6
You could do a lease with the option to buy on the existing home, and purchase the new home. Do not short sell the home or walk away from the home. Depending on how Fannie Mae or Freddie Mac view the disposition of the property as well as the individual investors credit overlays, this could prevent you from purchasing another home for up to 7 yrs.
- wetdawgs
- Contributions:26833
It seems as if there are three options:
a. Sell the current house and bring the money to closing to make up the difference, then buy at your new location.
b. Qualify for owning two houses at the same time, and rent the current home.
c. Keep the current house and rent in the new location. (Renting in the new location is prudent initially so you can learn the area).
a. Sell the current house and bring the money to closing to make up the difference, then buy at your new location.
b. Qualify for owning two houses at the same time, and rent the current home.
c. Keep the current house and rent in the new location. (Renting in the new location is prudent initially so you can learn the area).
- shasta_steve
- Contributions:448
About 7 months ago I purchased another home that was still in the same state, but about 400 miles away. I still had a home that was underwater. It was not a problem but I was not allowed to use any rental income from my previous house to qualify even though I had had it rented for almost a year. I had to qualify for both mortgages.
Initially my mortgage broker told me I could use my rental income from my first house to offset some of the mortgage but when we got close to closing they said they would not go for it. I also had a hard time with my income because my checks make it look like I work lots of overtime and they did not want to give me credit for that because it was a new job. I work in the power industry and work 12 hour shifts, of which 4 hours are always overtime. I got the plant manager to write me a letter explaining things but in the end all they would do it take my hourly rate and multiply by 2080 to get my yearly income. The bank did not have a problem lending me the money but my ratios were too high for PMI so I put 20% down. I could have also went FHA and it would not have been a problem.
Initially my mortgage broker told me I could use my rental income from my first house to offset some of the mortgage but when we got close to closing they said they would not go for it. I also had a hard time with my income because my checks make it look like I work lots of overtime and they did not want to give me credit for that because it was a new job. I work in the power industry and work 12 hour shifts, of which 4 hours are always overtime. I got the plant manager to write me a letter explaining things but in the end all they would do it take my hourly rate and multiply by 2080 to get my yearly income. The bank did not have a problem lending me the money but my ratios were too high for PMI so I put 20% down. I could have also went FHA and it would not have been a problem.
- Al Rodenburg, "Al Rodenburg"
- Contributions:27
IF you are moving to the new State, yes, you can purchase a new Primary Residence there; of course, you will have to either sell the current home or rent it out (if you rent it out, remember to keep making you mortgage payments on time). Note: Any Lender that you go to, for help in purchasing the new home in a different state will want to get Verifications of:
1. - the new Employment
2. - that the current home is sold (copy of the HUD from closing, etc.) , pending sale (copy of contract and probably realtor contact info) or Copy of the Lease agreement, if you are going to continue to hold on to the existing home and rent it out.
Hope that helps.
Best of luck in your new endeavours!
- Al
1. - the new Employment
2. - that the current home is sold (copy of the HUD from closing, etc.) , pending sale (copy of contract and probably realtor contact info) or Copy of the Lease agreement, if you are going to continue to hold on to the existing home and rent it out.
Hope that helps.
Best of luck in your new endeavours!
- Al
- wayne lancaster, "funds2"
- Contributions:1177
If you can lease the current home and qualify to purchase another home, that could resolve the up-side down issue. Otherwise, you would not be able to walk away or do a short sale, and be able to buy another house for 3-4 yrs.
My current home is up-side down,can I purchase another in a different state due to a job advancement
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