sold yet. Will a bank allow us to buy a very inexpensive house while still owning the one we currently live in? How does that work? Is there a formula for how much we can borrow? Won’t it hurt us because we are changing jobs (we are both nurses)? What should our next step be? Find a house? Talk to a bank? Help!
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3 responses so far ↓
1 missprissed // Sep 16, 2008
You answered your own question. Yes, you need to talk with a lender, or your bank, to see if you can qualify for a 2nd home. They will ask you about income, debt and run your credit, all of which will factor into your ability to carry a 2nd mortgage. As far as the job goes in all reality it will probably count against you, but there are a few lenders that will look at it as the same job (nurse).
2 infinite crisis 247 // Sep 16, 2008
i would talk to your lender. i think that you’d be better off selling your first house and buying the new one closer to the same time, but in this market, that might not be as easy. just make sure that you can make both payments for a while.
3 RM // Sep 16, 2008
Talk to the bank you will be getting your mortgage from and ask them to pre-qualify you with your current home.
Your total monthly income must cover current liabilities and bills PLUS the new mortgage. They will only remove your current mortgage as a liability if you have a contract signed by a buyer and a confirmed closing date.
If you think all of your expenses plus the new mortgage expense will be less than 50% of your total income, you should qualify without a problem with FICO over 680 and a good down payment on the new home.
You won’t know until you talk to the bank though.
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