Posted on: 26th Dec, 2011 01:06 am
I love my family a lot and want to move closer to them. It takes around 1 hour for me to commute from home to office and vice versa which I want to cut into less than half. The worst part is that my current home is underwater. I have excellent credit score and a good debt to income ratio. I would like to buy a home closer to my work. I want to know whether or not I will be able to get a mortgage before selling this house. If at all possible I want to find the home I want first and then begin the process of selling my home.
Hi Ritz,
Though you have excellent credit situation and debt to income ratio, you may not be able to buy a new home when you have an underwater property in your name. The new mortgage lender may want you to sell off the property and then apply for the new loan.
Take care
Though you have excellent credit situation and debt to income ratio, you may not be able to buy a new home when you have an underwater property in your name. The new mortgage lender may want you to sell off the property and then apply for the new loan.
Take care
your current home if underwater, would require you to cover both payments. If you think your income is sufficient, then you may be able to find a lender to help you purchase a second home, or convert to a primary home. Good luck!
