Financing in Rockledge>Question Details

NoVaPowerPlay, Home Buyer in Herndon, VA

Relocation to Melbourne, FL area

Asked by NoVaPowerPlay, Herndon, VA Fri Jan 4, 2013

My family may be relocating down to the Melbourne, FL area for work and I'd like to get some more information on our financial options. We currently own a single-family home in Herndon, VA (Wash DC suburb) and have a fixed rate 30yr mortgage for 79% of its value. If we move, we are unsure if it would be long-term or only for a few years a this point. We would like to be able to keep our house in Herndon and rent it out, while buying a second (now primary) home in Florida. Can you let me know our options for doing this?

From my research online, it appears you'd need at least 1yr of rental history on your home to count that as income when buying a second house. I belive we could qualify for a second mortgage without this income, but without selling our first home I don't believe we'd be able to put 20% down on the second. Are there options to acquire a second mortgage without putting 20% down?

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Answers

3
You may be able to obtain 96.5% FHA financing or 90-95% conventional. The only disadvantage is need to pay Mortgage Insurance. Fairly low on 90% loan, higher for 95% or FHA. Please let me know if I can give you contact info for 3 extremely knowledgable lenders with very competetive rates.

I'd love to assist you in househunting! Please contact me with detailed criteria so that I can send you home listings of interest or any needed info! I pride myself in delivering service above and beyond expectations!

Lori Hurwitz
Britton Group
321-544-4382
lorihurwitz@bellsouth.net
http://www.linkedin.com/pub/lori-hurwitz/17/34/391
0 votes Thank Flag Link Sun Jan 6, 2013
Hey Nova,
Glad to hear you are moving to the area, we have lived here all of our life and love it!! If you want to jump in and start searching for homes on your how just visit our web site at http://BrevardHomeSearch.com or if you would like to let us set up an automated email search for you just shoot us an email with a good contact number and we will set up a personal home search for you and hook you up with a TOP lender in the area...stay away from the BIG lenders they will give you the run around....
Look forward to hearing from you!
Larry and Karen Fleckinger
HouseMax Pro Realty
321-433-1323
realtorkaren@cfl.rr.com
http://BrevardRealEstateInfo.com
0 votes Thank Flag Link Fri Jan 4, 2013
Good Afternoon Nova;
All your questions and options can be discussed with a local lender which I have successfully used numerous time.
Contact Lance Supernaw at The Home Lending Source in Melbourne, Fl.
1-321-698-1592 lsupernaw@thehls.com
.
I am a Realtor in the Melbourne and Rockledge area; and would greatly appreciate the opportunity to be of service to you in finding the right home for you and your family.
.
Phil Rotondo, Realtor
ERA Showcase Properties and Investments
Melbourne/Rockledge, Fl
1-321-394-7878
mailto:phil@321property.com
0 votes Thank Flag Link Fri Jan 4, 2013
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