Financing in 80111>Question Details

Andrurs, Home Buyer in Iowa

Would I qualify for a second mortgage?

Asked by Andrurs, Iowa Tue Apr 5, 2011

I just moved to Denver and have been working with a new company for about 3 months. My income is $58k base, and I currently have a 650-680 credit score.

Looking to buy a second place here in Denver.... I have also thought about doing a HomePath purchase, but would like it if I don't have to be stuck to those guidlines. My current place in Des Moines is assessed at $86k (condo) and I only owe $49k left on a 15yr fixed. I paid 20% down on that purchase, but this upcoming one I do not want to do anymore than 3% down.

Any help or insight would be much apprciated. I will talk to a banker/mortgage broker after getting some input. Thanks!

0 votes Share Flag Financing in 80111

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Is the new Company the same industry as your previous job would have been. That will be the biggest hurdle, I hope this helps!
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1 vote Thank Flag Link Tue Apr 5, 2011
Your smartest move would be to talk to a mortgage broker first, before you get information here which may or may not be correct. I personally would trust the person who is going to be doing the loan much more than those on here who may or may not know what they're talking about, and have no recourse against them if they're wrong.

Good luck.
1 vote Thank Flag Link Tue Apr 5, 2011
Talk to a lender for the best information.
0 votes Thank Flag Link Fri Jul 26, 2013
Hi Andrurs. Given the circumstances of your move, even if your home in Des Moines had a FHA mortgage you would still be eligible to qualify for a second one. You will just have to be able to qualify with both payments. Based on your income, and depending on what your other credit reporting debts are, you should be fine. Also, with FHA , the downpayment is now 3.5%.
0 votes Thank Flag Link Tue Apr 5, 2011
I suggest you go ahead and contact an experienced and honest mortgage professional. He can tell you exactly what you qualify for, at what interest rate, and discuss any special programs that might be available. The lender we use and trust for the last five years is Meridian Lending at (303) 407-0100 x101. Ask for Blair.
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0 votes Thank Flag Link Tue Apr 5, 2011
Hi Andrurs-

You might qualify, but I would need to know more about your debt load first. Even if you have your condo in Des Moines rented you will not likely receive credit for that income until it has been reporting on your tax returns for two years. You would need to carry that total housing payment, the new housing payment, and all other loans based on your $58k salary. I do know of a few niche loan programs where you can get by with 3% down. Feel free to give me a call if you would like to discuss further.
0 votes Thank Flag Link Tue Apr 5, 2011
Like you said in your email I would for sure speak to a lender to clarify on all that. If you don't have one I have the best and would be happy to give you his name and number. Is your mortgage in Iowa an FHA loan? It does not sound like it but if it is you can't have two FHA loans. Your credit score might be a little low but check with the lender on that. It really depends on your debt to income ratio. You will have to show that you can carry two mortgages and if you rent your property in Des Moines then I'm sure you are going to have to show several months in reserves to cover that in case the renter runs. I hope this helps a little. Like you said and I will say again, talk to a lender. They will give the Yes or No for sure.
If you can purchase please feel free to contact me to help you with your home search. I'm a buyers agent and only work with buyers. I know everything on foreclosures, short sales, HUD properties, etc.
0 votes Thank Flag Link Tue Apr 5, 2011
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