Profile picture for Arizona Archie

if I have any option to purchase without having to stop paying my house?

I have  a house that i not want to let..Is located in Maricopa,Az.
But my job is in another state,Itravel every week and is very far from the airport ,I looked houses in the Ahwatukee area by proximity and that my children are studying in this area.
I want to known if I can to buy a house $150000  and my income is $55000 yearly,my actual expenses are $2500 month  my credit is good.
My question is if I have any option to purchase with zero o low down  payment without to stop paying my house? I like to keep and rent.
Thanks for your responses.

  • August 13 2011 - Maricopa
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Answers (7)

Profile picture for inactiveaccount
Hi Archie,

As others have said, you need to contact a good lender as soon as possible. My personal advice would be to talk to a local mortgage broker rather than a bank, as you will probably get better service and a more thorough pre-qualification from someone who specializes in mortgages rather than offering them as one of a range of other financial products. This is just my opinion but it is based on experience and seeing which loans make it to closing, and which do not.

Your situation sounds a little more complex than some, and so you need to make sure you are working with an expert. Ask local real estate agents who they recommend, that's usually a good place to start, or feel free to contact me, I have a few on my list.

Best of luck,
Emma
  • August 19 2011
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Jason had the best answer.  Renting and Buying are not what they used to be.  It is much harder to rent out your current home and Buyer another.

Check with your lender first.

  • August 16 2011
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In order to qualify for the purchase of a new primary residence and convert your existing home into a rental, one of two things has to hold true... Either you can qualify using the principle, interest, taxes and insurance payments on both homes as well as the other payments shown on your credit report, OR if you are able to demonstrate that you have at least 30% equity in the home you are currently living and have a signed lease agreement along with a security deposit on the home you are leaving you can count 75% of the gross rental income to help offset the costs of carrying that home as well.

In order to purchase another primary residence in the same general market using FHA financing (lowest down payment requirement 3.5%) I would also note that there has to be an upgrade in the size/type of home you are buying as compared to the one you are leaving.  Trimming an hour off your airport commute wont be reason enough to satisfy underwriter curiosity.  The biggest threat they see is that you "buy and bail" on the home you already have.

If you have any other questions, please feel free to contact me through my info here on Zillow.  I hope this helped.

Jason
  • August 15 2011
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I would talk with a lender ASAP, to see what is availble for you in your situation.  If you dont know a good local lender, try your bank.
  • August 14 2011
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Profile picture for SoCal Engr

@ Julissa,

Welcome to Zillow, but please be aware that including contact information (i.e., phone numbers, websites, emails, etc) in posts violates Zillow's "no spam" policy against self-promotion.

If you're coming from other sites, it may seem counter-intuitive as an REA - but it is part of what makes Zillow's forums unique.

Welcome to Zillow.

  • August 13 2011
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Hi,

I would say you can but I would recommend you start with a lender.  You can go to your lender of choice: Bank of America, your local Bank, Wells Fargo or I can recommend one to you
Let me know if I can help you with anything else. Have a great day!

Julissa McDermott
Solutions Real Estate
[contact info deleted by Zillow moderator. Please refer to Good Neighbor Policy for posting guidelines]
  • August 13 2011
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Profile picture for Kent Richards
There are many types of loans available, the best thing to do is talk to your local bank, and the lender where you have your mortgage.
  • August 13 2011
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