Question Details

Andrurs, Home Buyer in Iowa

Moving due to job change and need to buy secondplace... please help!

Asked by Andrurs, Iowa Mon Nov 22, 2010

I'm moving to Chicago in a month due to a job change and want to buy a place in downtown Chicago. I currently own a condo in Iowa (where I live now) and could sell it before I move.

However, I want to know a few things:
1. Could I get a second loan to buy a place in Chicago and rent out my place in Iowa?
2. Does the fact I'm changing jobs going to have any hold ups on me getting a mortgage? (Making higer base then my previous career, but variable commission will take time to aquire.)

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Answers

2
I would check with a lender as soon as is possible. Preferably a mortgage person who has coverage in both areas. I know of persons who have purchased second homes and rented homes the homes they were leaving. Your personal situation will determine whether or not it is possible. They may be something done prior to your job change. Also ask about bridge loans which uses the equity in one home to purchase a second.
0 votes Thank Flag Link Mon Nov 22, 2010
If you haven't done so yet, do visit with any qualified loan officer(s), see if you qualify for a loan, how much, etc.; as for buying without selling first--much will depend on your current equity, can you carry expenses for both if needed, etc.; again, your loan officer will best advise as it relates to your specific situation.
0 votes Thank Flag Link Mon Nov 22, 2010
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