Financing in 60012>Question Details

Donna Hopp, Home Buyer in Lake Delton, WI

Buying a house while selling original house

Asked by Donna Hopp, Lake Delton, WI Tue Aug 21, 2012

I want to buy a property and fix it up to be my primary residence. My original house is on the market. Is it possible to close on the first house before completing the sell of my original house so that I can work on the house? One mortgage company said No.

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As Suzanne stated it all depends on your income...you need to be able to swing both payments. I am a local mortgage banker and help you figure out if you qualify...I don't need to pull credit...all I need to do is figure out your total monthly income and your total monthly obligations...with your new payment and all of your obligations new to be 50% of your income. This is just a rough rule...feel free to contact me if you would like more details...take care

Ryan
0 votes Thank Flag Link Wed Aug 22, 2012
The answer depends on whether you have enough income to pay both mortgages simultaneously. Apparently one mortgage company said you could not. Don't let that deter you from talking to another one. I would suggest a small, local mortgage banker, a firm that specializes in writing mortgages versus one of the big banks. If you don't know one, talk to a local realtor and ask to be referred. Realtors know which companies get things done and which don't.
0 votes Thank Flag Link Wed Aug 22, 2012
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