Profile picture for myluck

i have a good credit history (790+ score) . I own a home and want to buy another home .

i owe more than 500K on my first home . I am ready for a  down payment for about 10-20% on my second home . Will any bank give me a loan ? Idea is to buy a second home and give the first on rent .
  • March 24 2010 - Richmond
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Answers (2)

You had previously posted a question about being way upside down on your current home and having an ARM that's getting ready to adjust.

This is going to be a big red-flag to an underwriter, basically a "buy and bail."  You buy a new home and bail on your other one.  Most likely this will not go through unless there is a really good reason why you need to purchase a new home:  re-locating for job, need a bigger home for a growing family, etc.

  • March 25 2010
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Profile picture for DaveAndersson
Banks are going to be concerned if you are upside down on the current home that you own. What kind of equity position are you in? Is the second home superior to your current home? What would be the reasoning behind the move? These are all questions the new lender's underwriter  will consider in determining occupancy. Make sure you work with a knowledgable loan officer who packages the loan correctly when submitting it to underwriting.
  • March 24 2010
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