You can certainly own two homes at the same time. You will need to get in touch with a good lender who can give you the information that they will need when you apply for the loan. I have some lenders who do excellent work for their clients. After you talk to your lender, then you just need to pick out a real estate agent that can help you find that perfect home in the Boise valley area. We have great communities to pick from and/or acreage if you would like that. Having resided my entire life here in the valley, I can't think of a better place to live. If you would like to receive emails or have a conversation about properties in the area, please let me know.
Yes, it is possible as long as you qualify. Whether or not you qualify is going to depend on a number of different factors.
Here a few questions that will help determine what options you may have.
1) What type of loan do you have on the home in Iowa? If it's an FHA loan you may not be eligible for a new FHA loan unless you meet a few requirements.
2) What is the reason for your move? This one is important and ties in to the first question. If you're relocating for work you may be able to purchase your new home in Idaho with an FHA loan.
3) Are you claiming the rental income on your taxes?
There are several other things that have to be examined to determine what programs you maybe eligible for so your best bet is to get started with a pre-approval.
Depending on where in Nampa you want to live/buy and what your household income is, you may even qualify for a no money down USDA mortgage. You can find out more information about this option by clicking the USDA link below or contacting.
Please feel free to contact me for more information or help.
It is amazing how many "right" answers there are to this yet the answers will vary depending on the lender and their investor "overlays". Many of them will not let you use the income to offset the current payment unless you have at least a year history as a property manager or of renting that specific home.
Nampa (Canyon County) is actually a target county for home ownership, so if you elected to sell the home in Iowa, you could actually still use some "first time home buyer programs" even though you obviously aren't a first time home buyer!
Make sure you team up with an agent that does work in both counties since there is a big difference in property values, loan options, etc. A less experienced agent and loan officer may not be aware of those and therefore would not be able to be of the maximum benefit to you!
Good luck and welcome. Many people confuse Idaho and Iowa so you should feel right at home (grin).
Providing everything else checks out, sure. Your rental income will be factored in at 75% of the actual amount to offset any vacancies or repairs necessary. Ideally you have a solid job with the same company or at least the same line of work. Your income, plus 75% of the rent will be factored against other debt and new mortgage payment to determine your limits.
You will need copies of your lease and bank statements documenting the rent hitting your account. Welcome back to the Northwest.
Tami McHugh, CPA
Heritage Real Estate