Posted on: 14th Aug, 2009 07:02 am
I want to buy a new house in another state, yet own one in AZ which is upside down. So If I look for another loan, I would want it to look like this , I think? HELP PLEASE
*1500 monthly payment (total of two liens on 80/15 plan) *interest only *includes property taxes escrowed *assumes no PMI due to 5% down
*5 year ARM
Trying to get as mush house(newhouse) as possible under those conditions.
Secondly, with those conditions above, what does my current home(the old one in AZ) need to look like?
-can it show as a second property (rental). If so, what documentation do you need to show that?
- do I HAVE to liquidate it?
- can I put it on the market and get close on the new home before the old home sells?
*1500 monthly payment (total of two liens on 80/15 plan) *interest only *includes property taxes escrowed *assumes no PMI due to 5% down
*5 year ARM
Trying to get as mush house(newhouse) as possible under those conditions.
Secondly, with those conditions above, what does my current home(the old one in AZ) need to look like?
-can it show as a second property (rental). If so, what documentation do you need to show that?
- do I HAVE to liquidate it?
- can I put it on the market and get close on the new home before the old home sells?
you just asked this question one-half hour prior to this post. please do not post the same question on different forums. when people begin to provide answers or opinions on one and not the other, it can cause confusion in the whole.