Home Buying in Cooper City>Question Details

2ndhome, Home Buyer in Cooper City, FL

Husband and I are looking to purchase a 2nd home. We will rent out our current home.We have FICO scores of 780 and 802.Will we qualify for #2?

Asked by 2ndhome, Cooper City, FL Wed Aug 3, 2011

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5
The answer is a definite maybe. Sounds like you are both very dilligent but Debt to income ratio is a large factor so consult with your Mortgage Professional! Best of Luck!!
0 votes Thank Flag Link Thu Aug 4, 2011
Hi
I'm a realtor in the cooper city area and can help you with your home search and home values in the area.

Call me at 954-260-5570

Thank you

Claudio Petasne
The Keyes Realty
0 votes Thank Flag Link Thu Aug 4, 2011
Hi 2ndhome,

It depends on several different factors.

*1) What is the reason for the move?*
2) What is your current debt to income ratio?
3) How much do you plan on putting down?
4) What type of loan do you have on your current home, is it FHA, VA, Conventional?
5) Do you have enough money in reserves to cover both mortgage payments?

Feel free to call me so we can go through your options.
0 votes Thank Flag Link Wed Aug 3, 2011
You would need to be able to carry mortgages on both house-your current and the new one besides insurance and real estate taxes. If you are moving 30 miles or more (for a job), you can get a FHA mortgage, otherwise you will need to get a conventional mortgage (expect 20% down).
0 votes Thank Flag Link Wed Aug 3, 2011
You must have at least 25% to 30% equity in your existing home or the mortgage payment will need to be covered along with your new mortgage (no credit for rental income).

So depending on how high your income is you may be able to qualify.

To determine if you have at least 25 to 30% equity, contact a local Realtor for an estimate of value of your current home.

All the best,
Alma
http://www.SoldOnTampa.com
0 votes Thank Flag Link Wed Aug 3, 2011
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