Are there any programs for someone who's a second time home buyer if they wish to keep their current home?

(0) | asked by: donna lane | share | 38 months ago | Report

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Hi Dona, It all depends on what you're trying to do. Are looking to upgrade or down size? Are you looking for a vacation home or a new primary residence? Do you plan on renting out your current home? Are you relocating for work to another area or state? There are different guidelines and different programs depending on what you're trying to do.
(1)   |   by John Burke   |   38 months ago   |   Report
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answer by Pat McCarthy   |   Visit My Website   |   Contact Me
Hi Donna. I am also a mortgage professional and there are programs for folks in your situation. Feel free to contact me at the number in my profile. Pat McCarthy Stonegate Mortgage
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36 months ago  |   Report   |   share
Hi Donna. I am a mortgage professional. There is more info needed to answer your question properly. Give me a call for a no cost no obligation consultation. Thanks. Michelle Dema
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36 months ago  |   Report   |   share
answer by Sally Groves   |   Visit My Website   |   Contact Me
yes there are. Credit is important and you will have to have a down payment unless you are dealing with your bank or possibly your credit union. Sally Groves
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37 months ago  |   Report   |   share
answer by Robert Hughes   |   Visit My Website   |   Contact Me
Donna the short answer is yes. If you wish to keep your current property and rent it out. Programs may be limited to area, income, and other qualifying issues.Ie (Philadelphia may offer incentives as opposed to suburbs. FHA, Va are always possible and seeking Owner finance is a very popular option in today's tough qualification with typical lenders. Best to speak to a reputable and knowledgeable lender like I use. Feel free to contact us and we would be happy to pass on that information to you. Good Evening, Rob Hughes Long and Foster Realtors-Devon
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37 months ago  |   Report   |   share
answer by Joe Cafiero   |   Visit My Website   |   Contact Me
Donna....Alot depends on the type of loan that you currently have, what you plan on doing with the current home (staying in it or renting it out) and the amount of equity in the current home. To be on the safe side plan on qualifying with both payments. Best to sit down and talk with mortgage professional. Would be happy to help out. All my contact information is in my profile
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37 months ago  |   Report   |   share
answer by Pat McCarthy   |   Visit My Website   |   Contact Me
Yes there are. Each situation is different, so you would need to speak to a lender. What state are you buying in? We are licensed in 17 states and may be able to help you determine whether or not you qualify or if it would be of interest to you based upon the debt load after you buy. Hope this helps. Pat McCarthy
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38 months ago  |   Report   |   share
answer by Sally Groves   |   Visit My Website   |   Contact Me
Qualifying for both home loans is the first thing the lender will look at. You will probably have to have 20% down. Are you wanting to rent one of the houses out? I own 2 homes and assumed the loan on the second house but that is not done any more. Sally Groves Reece & Nichols
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38 months ago  |   Report   |   share
answer by linc slipakoff   |   Visit My Website   |   Contact Me
Donna, if you plan to keep & reside in your current home any additional property you purchase will be considered an investment property or a second home. The rules for most lenders change at that point. Freddie / Fannie / FHA are where the larger Mortgage Co's (Wells Fargo, Bank of America, Chase) assign their loans to and therefore must follow their guidelines. Check with your local community banks, they underwrite and keep many of their mortgages "in house" and offer different rates and terms. Best of luck
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38 months ago  |   Report   |   share
answer by linc slipakoff   |   Visit My Website   |   Contact Me
Donna, if you plan to keep & reside in your current home any additional property you purchase will be considered an investment property or a second home. The rules for most lenders change at that point. Freddie / Fannie / FHA are where the larger Mortgage Co's (Wells Fargo, Bank of America, Chase) assign their loans to and therefore must follow their guidelines. Check with your local community banks, they underwrite and keep many of their mortgages "in house" and offer different rates and terms. Best of luck
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38 months ago  |   Report   |   share
answer by Cindy Smith   |   Visit My Website   |   Contact Me
I am not sure I understand your question but I will attempt to answer. You are allowed to purchase another home and keep your current home as long as you qualify for both the mortgages. If you keep your current home and rent it and purchase another home as your primary residence, it will be the cheapest option for you. Otherwise, the lender may require 20% down and consider the other property as an investment property.
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38 months ago  |   Report   |   share
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