Home Buying in Caledonia>Question Details

Melissa Soper, Home Owner in Caledonia, MI

Do we sell our duplex in order to buy a home?

Asked by Melissa Soper, Caledonia, MI Fri Jul 12, 2013

We have 3 kids, we own and live in our 2 bedroom duplex. We are looking to eventually move to Caledonia, MI in a 4 bedroom home. However, we are unsure if we should keep our duplex as an investment or sell it. We also are not sure if we would be able to qualify for a mortgage for a new home if we still own our duplex.

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4
Hi Melissa! I agree with the others. You really need to talk to a lender to start. I know there have been a ton of guideline changes so I am not sure, but they may consider part of the income for the rental to qualify you for your next home. It used to be that way, but then again lending has changed dramatically since I had someone do this. I have a lender that works with 40 different lenders & investors. If you want to contact me through my website I can get you his info. http://WWW.GoMelinda.com or http://WWW.Facebook.com/GoMelinda

I hope this info helps!
Web Reference: http://www.GoMelinda.com
0 votes Thank Flag Link Fri Jul 12, 2013
Melissa,

Selling it in order to buy may be another option. Give me a call when you have a minute and we can talk through you situation and what options may be available. Thanks!

Beau Otis

Keller Williams Realty
botis@kw.com
616.401.8880
Web Reference: http://www.beauotis.com
0 votes Thank Flag Link Fri Jul 12, 2013
Melissa,

Good Morning!
The best person to answer your question is a mortgage loan officer. Buying while still owning your duplex will depend on your debt to income ratios and credit.
Good Luck,

Karen Paytas
Realtor
Real Living Kee Realty
586-709-8465
0 votes Thank Flag Link Fri Jul 12, 2013
There is no way for us to tell you since you gave us nothing to go on. What is the value you could sell it for? How much can you rent it for? Do you need the funds to buy the new house? These are the type of questions to be asking yourself.
0 votes Thank Flag Link Fri Jul 12, 2013
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