Profile picture for lindsaytarver

Where do I start? Getting married, two homes, no equity, need a larger home for blended family???

I have a renter for my home but can we get a mortgage for a third home while trying to sell his home??
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October 14 2013 - Salem
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Answers (4)

Start with a mortgage broker to see what you qualify for with the existing mortgages on credit as other have recommend...

Once you know where you stand on a new mortgage you should meet with a few real estate professionals to gauge just what your options on the current homes are... They should be able to help you know your rental options, break even or bring cash to close options or strategic short sale / strategic foreclosure options...

Much of what is going to guide your decision will end up being based on what you qualify for now and just how underwater your current homes are.... Your going to need a good agent for your situation.

Good Luck.
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October 15 2013
Incomes would have to support all three payments comfortably. Rents can be counted only if you have a two year history of rental income in most cases. The other red flag would be the equity positions on both homes as lenders are really cautious against the potential for a "buy and bail". Might be necessary to close on the sale prior to being able to qualify but that's just based on a few bits of info. You are better served meeting with a mortgage professional to visit your best options.
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October 14 2013
Profile picture for wetdawgs
Can you afford to pay all three mortgages at the same time?   If not, get one home on the market and sold before taking the next step.   Yeah, it may be tight for a while.

And, yes, talk with a lender to learn exactly what it will take.  They may not be willing to consider rental income until you have a history of rental income. 
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October 14 2013
 Please contact a mortgage broker to discuss your options.
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October 14 2013
 
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