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.
David Cooper. Las Vegas Foreclosure Investor in Bank Owned REOs with Huge Cash Flow. FREE daily list
email email@example.com..Call +1-7024997037 not a real estate agent
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!
Pulse Realty Group
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.
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
The only way you can know for sure is to speak with a licensed loan officer and have them review your financial profile.
With your approval letter in hand, you are ready to shop.
Please feel free to contact me at anytime..... :)
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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
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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