Buying a second house

Hi Valentina,

If you already have a mortgage in your name for a property, then it may be difficult for you to qualify for a mortgage on another property. Nevertheless, there is no harm in trying.

Thanks,

Jerry

Hi Valentina,

Unless you have excellent credit scores, stable job and steady income, you may not get another mortgage.

Thanks

I assume with you having an investment property and wanting to purchase a secondary property, life is good. If all is good, then you will need to show that this second home is far enough away to dictate that "secondary" designation. Each lender may be a bit different in what they deem as "secondary", so make sure you check that out with whomever you use. Prove out the income and assets to purchase and with good scores, you should be set. You will need all income docs. W2s for two if not three years and the same for your returns. All schedules... 30 days of paystubs. If self employed, last quarters profit and loss statement.


In the asset department, two months bank statements. If you have any large deposits that only show as "deposit" you will need to source where that money came from. Meaning if BOB gave you 2k for some antiques, you will need the bill of sale and deposit slip.

Find a good broker, if they have multiple contracts with lenders, that broker should be able to find you a loan. Good luck.