Financing in Palmdale>Question Details

Renan, Other/Just Looking in California

i have a house now .what do i need to buy another house right now>?

Asked by Renan, California Sun May 24, 2009

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Good points made by Jennifer and Jacob. Remember that mortgage guidelines recently changed in the past 18 months with the influx of foreclosures, etc. Back in the early nineties people said they were going to rent existing home in order to buy another home, as soon as escrow closed they moved out of other property where value had dropped and let it go back to the bank, usually without even attempting to rent out, etc. Now you must have 25% equity in your current home to not have mortgage payment be counted against you. Otherwise, proposed mortgage payment and existing will be counted against you in qualifying. This is what has kept some out of the market. Decide what the motivation to purchase is. As an owner occupant, investor, etc. Good luck!
0 votes Thank Flag Link Sun Oct 18, 2009
You would need to have your income and credit verified. Depending on your credit score it will be determined how much you would need to put down.
Jennifer Anderson, Realtor
Century 21
0 votes Thank Flag Link Mon Oct 12, 2009
If you have the necessary income to qualify for 2 loans nobody can stop you.

First get your self pre-approved and start looking.

I have been to Palmdale and I feel there is a lot of potential in Palmdale. Anyway keep in mind property values are determined by three factors. Location, Location, Location.
0 votes Thank Flag Link Sun May 24, 2009
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