Posted on: 15th Apr, 2010 08:00 pm
We too are in a similar situation. We found our dream home about 20 minutes away. It is twice as big as our current home and ideal in every way. However, we own another home and haven't even listed it. Why the hurry? The one across town is a foreclosure and it goes up for auction in 2 weeks. This means we have to make an offer prior to the auction starting! I don't work, my husband does and has been with his company 13+ years... and our credit scores are both in the 800's. Besides the mortgage on this home... we have no other bills. Cars and such are all paid off. The new home will have about a 50% LTV due to the foreclosure. It has an appraisal of $607, 000 but the bank needs to get rid of it and has accepted $300K. We have 20% equity in the current house. We can float both mortgages... but it will be tight. Any advise on how to get a lender on our side?
Hi Christi,
Both you and your husband have excellent credit scores. Your husband also has a stable job. So, he should qualify for a new mortgage. If the current house is not sold, the existing mortgage will be taken into consideration while his mortgage debt to income ratio (DTI ratio) will be calculated. Is his monthly income enough to afford the two mortgage payments? In that case, qualifying for the mortgage will not be much of a problem for him.
He can contact some lenders to check out if he qualifies for the mortgage. There are some lenders in this community with whom he can go for a no-obligation free mortgage consultation. The lenders will review his financial situation, his credit scores, etc. and will let him know if he can qualify for the mortgage.
Both you and your husband have excellent credit scores. Your husband also has a stable job. So, he should qualify for a new mortgage. If the current house is not sold, the existing mortgage will be taken into consideration while his mortgage debt to income ratio (DTI ratio) will be calculated. Is his monthly income enough to afford the two mortgage payments? In that case, qualifying for the mortgage will not be much of a problem for him.
He can contact some lenders to check out if he qualifies for the mortgage. There are some lenders in this community with whom he can go for a no-obligation free mortgage consultation. The lenders will review his financial situation, his credit scores, etc. and will let him know if he can qualify for the mortgage.