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My husband and I bought a 2 bedroom, 1 bath condo five years ago. We have recently started thinking

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August 12 2012 - Chicago
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I have several clients that have purchased a home while owning a condo. It is definitely possible depending on your debt-to-income ratio.
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August 13 2012
This is an easy one. There are absolutely no such restrictions when looking to buy a 2nd property. Your current "owner occupied" property becomes an "investment property" and the debt ratio's will play a factor in your being approved to purchase a new home. As long as you qualify there are no other restrictions. Simple as that.

One last thing, the bank will allow 75% (on average) of rental income to be counted when approving you. The bank does NOT discount all the rental income. I have two loan officers listed on my account as preferred professionals and either one can help you with your loan related questions. 

If you need help with your purchase or would like to talk more strategy drop me a line.

Good luck!
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August 12 2012
Profile picture for wetdawgs
There are many "it depends" in the scenario you describe.

Can you afford the two mortgage payments without counting rent?

What percent equity do you have in your condo (rough guess)?

What percent do you intend to put down on a new place?

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August 12 2012
Profile picture for Shelby1979

My husband and I currently own a condo and would like to rent it out as we are looking to purchase a single family home. We were having a conversation with a listing agent at an open house  and she heeded us to the possibility that the banks would not allow a second mortgage for a home because of the condo being rented out.  Or, that banks will force you (owner) to rent your condo for a year before they will approve you for a home mortgage to purchase the single family home.  Leaving us to rent our condo to rent an apartment, this is not ideal at all.

I have found little information to this practice and would like to know what challenges we may have in securing a mortgage for a single family home when we are ready to purchase with a sizable down payment and excellent credit.

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August 12 2012
It's good to keep thinking................. If you want to know it's value let me know.
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August 12 2012
Of selling the unit and want to know the value?
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August 12 2012
Profile picture for wetdawgs
It appears your thoughts were cut off.  Click on "post reply" and fill us in.
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August 12 2012
 
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