Financing in 89156>Question Details

D, Home Owner in 89156

I currently own a condo. Can I purchase a second home as a primary residence in this market?

Asked by D, 89156 Thu Apr 28, 2011

I currently own a condo that I have lived in for three years now. I have always been current on my mortgage and I have no financial hardships. I also have excellent credit. I would like to take advantage of the current housing market and purchase a single-family home as my primary residence. What are my options? Thank you.

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Thank you for your question... Considering you already have a primary residence, your new purchase must "make sense" to the underwriter. Some factors to consider are... Type of loan on your current property, the new purchase must be an upgrade, distance to your current property, reason for this new purchase (must be a really good reason in order for the underwriter to allow it as a primary).

Please give me a call or email me if you want to discuss this further with you.

1 vote Thank Flag Link Fri May 13, 2011
"It must make really good sense to underwriter" means that so many investors committed fraud during the boom, that based on your just wanting another home and make it primary is NOT going to get it done.

David Cooper. Las Vegas Foreclosure Investor in Bank Owned REOs with Huge Cash Flow. FREE daily list
email +1-7024997037 not a real estate agent
0 votes Thank Flag Link Sat May 14, 2011
Hi D,

If you are upgrading in size you should be able to purchase another primary residence. Since you currently live in the condo as your primary residence you will have to qualify with your current mortgage payment and with the new one. If you've had past rental income in the last 2 yrs as evidenced on your 1040 then you will not have to qualify with both properties, but that deosn't sound like that's the case. In some cases the lender may make an exception if you can show a new lease that is being put into place and evidence of their intiial deposit. If the condo is currently updside down most banks are requiring that besides your down payment you have to have additional reserves of up to 6mos piti (principle, interest, tax, and insurance) for your new monthly payment above and beyond the reserves that will already be required depending on which type of loan you are doing. I work with a great loan officer who can give you fully underwritten loan approval prior to even finding a home. Fully underwritten loan approval is much better then just being pre-qualified. Please email me and I will put you in touch with him. Once approved you will be ready to start looking for homes!

Bridgette Villamor
Pulse Realty Group
702-974-1732 fax
0 votes Thank Flag Link Fri Apr 29, 2011
Hi D,
Yes, you may have several options available. Your options will be based on your overall financial strengths and the equity in your condo. There is never a cost or obligation to look at options. Please give me a call.
Don Freers
Cell: 702-236-5984
0 votes Thank Flag Link Thu Apr 28, 2011
Hello D,
You've heard it before............ money talks!
If you need assistance with financing let me know and I can supply you with more information on lenders.
John J. Longeway
Keller Williams Realty So. Nevada
Office: 702-777-0002
Cell: 702-325-4833
Web Reference:
0 votes Thank Flag Link Thu Apr 28, 2011
It's more complicated than the answers you have thus received. The major factor will be the equity you have in your current condo. If you can show 25% or 30% equity (depending on if your new purchase is FHA or conventional) in your condo, then you can in fact use rental income if you have a signed lease agreement with security deposit in your account. If you do not have the required equity, you can still purchase a new primary residence, you will just have to qualify for both principal, interest, tax and insurance mortgage payments, (PITI) without the use of any potential rental income.
The only way you can know for sure is to speak with a licensed loan officer and have them review your financial profile.
Web Reference: http://WeFixRates.Com
0 votes Thank Flag Link Thu Apr 28, 2011
Hello D...Yes you can!
With your approval letter in hand, you are ready to shop.
Please feel free to contact me at anytime..... :)

Julia St. Marie, Prof. Corp. RRG, ABR, RSPS
A Trusted Buyer Agent for Las Vegas Real Estate - If you need something specific, please let me know
Certified REO Specialist
Realty ONE Group
702-355-H-O-M-E (4663) direct

No Costs-No Obligation.....
Be one of the first to know....."Instant Email Notification" of Foreclosed properties --
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0 votes Thank Flag Link Thu Apr 28, 2011
You can only own one primarey residence at a time. If you rent your current home first, and show a lease when you apply for finacing, you might be able to convince some lender that you are really going to move into your new primary residence. But owning one and applying for another primary residence loan never worked for me.

David Cooper Las Vegas Foreclosure Investor in Bank Owned REOs with Cash Flow. call or email for FREE daily list. +1-7024997037 not a real estate agent
0 votes Thank Flag Link Thu Apr 28, 2011
Yes you can. As long as you credit and income qualify with both payments you should be fine. Additionally, you can finance your new property FHA and only need 3.5% down. If you would like assistance with your financing please give me a call at 407-744-7244.
0 votes Thank Flag Link Thu Apr 28, 2011
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