Financing in Washington>Question Details

Witodc, Both Buyer and Seller in Takoma Park, MD

I rent out my first home in WI to tenants. Want to buy a second home in DC where I live now. Have good credit & income. How can I qualify?

Asked by Witodc, Takoma Park, MD Wed Feb 29, 2012

I have about 10% paid off on the home in Madison, WI (total value of the home $140k, loan at 128k balance right now). Currently renting it out at a rate that covers mortgage and expenses. I want to buy a 300k home in Takoma Park, MD but am concerned that I won't be able to get a second first mortgage. Income (not including rental property cash flow) is about $7k /month NET. Mortgage on first property is approx $1100/month including PMI, taxes, etc. 

 
How could I make this work? Would I qualify for FHA?

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6
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0 votes Thank Flag Link Sat Apr 19, 2014
Good to see that you're doing your due diligence by getting answers ahead of time. I believe the best place to start would be to speak with a top-notch local loan officer. I work with a number of lenders whom, I'm sure, would be willing to provide you with the best scenario for achieving your home purchase. Free of charge. I think that's the way to begin the process.

Also, I'm a Realtor who knows the Takoma Park neighborhood very well since I've been representing buyers and sellers in this area for the past 15 years. Would love to be given the opportunty to assist you in this regard. Feel free to call on me. http://www.StressFreeDeals.com.
0 votes Thank Flag Link Fri Jun 15, 2012
Hi Witodc,

Lenders will not count the income you receive from your home in WI, so that mortgage will be counted as one of your debts. You should be able to qualify to buy a home in DC, the question will be how much will you qualify for. I work with some great lenders and would happy to recommend one. Feel free to contact me.at (202)309-0146; djana.morris@longandfoster.com
0 votes Thank Flag Link Wed Feb 29, 2012
You can’t figure that out just looking at pieces of the puzzle, that isn’t how your new mortgage will be underwritten. The loan officer must present a complete package to the AUS if they use one and then present the findings to their underwriter. Have your Realtor introduce you to the loan officer they trust the most and get pre-approved, not just a credit review, gather everything they need to submit a loan package and MAKE the loan officer review it all. That is the only way to know for sure. Hope this helps, good luck,
0 votes Thank Flag Link Wed Feb 29, 2012
Thanks Ron - We have been landlords now for about 8 months. I guess my main concern is will I be able to get a good loan to buy my new "primary home" for myself with the pretty low equity (10% or so) that I have in the first home that I am renting out?
Also would the lender be concerned that I am renting it out in a different state than I am living in?
0 votes Thank Flag Link Wed Feb 29, 2012
Most of the Lenders want to see a track-record as a landlord. they want you have been a landlord for a year or more;
that is the only problem I can see.

Good luck and may God bless
0 votes Thank Flag Link Wed Feb 29, 2012
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