Posted on: 27th Nov, 2013 12:50 am
Is it mandatory to sell off your existing home to buy a new one? Or is it possible to qualify for 2 mortgages on 2 different properties?
Hi PD,
It will better if you could sell off your existing home before you buy a new one. This will make it easier for you to qualify for a new mortgage.
Thanks,
Jerry
It will better if you could sell off your existing home before you buy a new one. This will make it easier for you to qualify for a new mortgage.
Thanks,
Jerry
You can also use the proposed rent from the departing property if you meet the 30% equity and can document the first rent and deposit checks from the new tenant. This will offset your current home payment, possibly allowing you to qualify for another home.
You may own as many properties with mortgages as you want to as long as you qualify.
If the existing mortgage on your present home is an FHA mortgage, you may not get another FHA mortgage on the new home unless a couple of special conditons can be met.
If the existing mortgage on your present home is an FHA mortgage, you may not get another FHA mortgage on the new home unless a couple of special conditons can be met.
