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buying a second home as primary resident

I bought a home two years ago and have been living in it since then. I paid off 20% off the home that I am currently live in. I would like to buy another home in a nicer neighborhood and while keeping my current home as rental. I can make payments on both of the houses. Is it going to be an issue when I try to get a mortgage on the new home as primary residence? I'll move into the new home. I can put down more than 10% on the new home.
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March 13 2012 - Shelton
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Loans are complex instruments and there is never a yes or no answer.  I suggest that you discuss this matter with a lender.  Literally, it can be done, but it all depends on your financial background.  Good luck!
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March 13 2012
depends on your lender and their requirements.
it might simply mean you just have to have more documents for the loan.
I did this last summer.  I had more than 20% paid down on the existing house but the price of the new house was significantly higher.  one of the documents we had to provide was an explanation of what we were doing with the existing house (which seemed a little silly, it was literally a note that we wrote and signed)

we also had to write extra letters explaining that we both had access to the checking account and we both had access to various other things, 
looking back, what i would do differently is not get the new loan from the same lender that has my existing loan.  that seemed to scare them more.
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March 13 2012
 
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