Financing in Florida>Question Details

Chief, Both Buyer and Seller in Florida

how do I buy a house when I still own another and payments?

Asked by Chief, Florida Mon Oct 5, 2009

I owe on my house in Teas and I have a buyer if the house can be lowered by 20,000.......I have no quity in it and I owe 224,000 and paid 225,000 for it.....I want to buy one in florida for 224,000 and it is a 300,000 value...Is there a way to buy the home in Florida even though I need 20,000 off the one in Texas to sell it....Plaese help.

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Your best bet is to get out from under the home in Texas for what you owe on it. Then try to come up with 3.5% downpayment to purchase a home in FLorida. So you would need 224,000 x 3.5%= $7840.00 to purchase the home in Florida. With and FHA loan you only need 3.5% andthe seller can pay up to 6% of your closing cost. What I have done in the past is, the out of state buyer moves to Florida, locks in a job, receives their first paycheck in the sameline of work. ANd they close on the new home purchase here in Florida. That seems to be the best way to help you accomplish a home purchase in Florida.
0 votes Thank Flag Link Mon Oct 5, 2009
The 1st question I would have for you is, can you budget both payments. If you can, we do not even need to worry about the sale of teh property in Texas.

Do you have the downpayment for the property in Florida?

Regardless of whether or not you have equity or not in the house in Texas, you are going to neeed to qualify for the new home with both of the payments.

So if you can not budget both payments, you will need to wait until you sell the homes in Texas.

I can calculate your debt rations for you and see if we can get this qualified.

Please let me know if you would like to figur ethis out, I wiould be glad to help.

Andrew Kashella
The Lending Team
0 votes Thank Flag Link Mon Oct 5, 2009

You have received some good advise already here. It is important to take your time and you may need some time as you work through this.

Can you qualify for both homes? Your Texas home, if rented will likley still be a debt, meaning any lease or monthly rent will not be used to offset your debt. However, if you qualify for both, you may want to buy in Florida before your credit score is affected by a short sale.

If you sell your home in Texas $20,000 less than what you owe, your credit score will likley plummet 200-300 points which will cause you to no longer qualify for the mortgage you will need in Florida. As advised below, you should caution yourself of owning two homes. Therefore, you next option would be to take this in order by selling the house in Texas and rent in Florida until such time you are able to locate and finance the house you are interested in.

Hope you are able to have your move fall in place.
Kay Pearson, CRS
Associate Broker
9803 S, Ocean Drive
Jensen Beach, Fla 34957
Web Reference:
0 votes Thank Flag Link Mon Oct 5, 2009

Most would advise you to take this "one step at a time" and get your property sold in Texas prior to possibly making things more complicated by purchasing another home.

Other people in your situation are considering renting their original home until it sells and relocating to the new area and seeking a month to month rental to meet their needs until their home on the market, sells.

Good luck
The Eckler Team
0 votes Thank Flag Link Mon Oct 5, 2009
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