Home Buying in Sonora>Question Details

klancaster6, Home Buyer in Sonora, CA

I currently live in Houston, TX. Can I buy a home in Sonora using the equity in my current home. The Sonora home would be for retirement in 10 years.

Asked by klancaster6, Sonora, CA Thu Jun 14, 2012

My plan is to by a home in Sonora and rent it out until I retire in ten years. I would like to buy now but I need to use the equity in my Houston home to make the purchase. Is this possible.

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Answers

4
Hi klancaster,

As the other's have answered below, there are a few options to purchase a house here in Sonora.
1. you can take a line of credit out against the home that you have in TX.
2. you can do what's called a "cash out refi" on your home in TX.
3. you can just purchase a home here in Sonora with approximately 20% down. Your payments on a loan of $200,000 at todays interest rate, including taxes and insurance would be approximately $1250.00 a month.

The first two options would allow you to "pay cash" for your new purchase. This would allow you to own the home here in Sonora outright however, the new loan would encumber your residence in TX. The third option would just be a loan on the new purchase.

As for rentals: In general a 3 bed 2 bath 2 car garage home on a town lot will typically rent for $1200-$1400 a month. I can help you with exact numbers when the time comes at Mark@MrHomeGuru.com

If you would like to search the homes currently for sale in the Sonora area here is a link: http://mlssearch.topproduceridx.com/MarkPradenas

I look forward to answering anymore questions that you may have.

Mark@SellSonora.com
0 votes Thank Flag Link Thu Jun 14, 2012
If you plan to pay cash to buy a home in Sonora, Ca you need to meet with a local Houston mortgage professional to process a loan that will allow you to withdraw sufficient cash from your Houston home to enable you to make the purchase.
0 votes Thank Flag Link Thu Jun 14, 2012
Sure, happens all the time. If you need financing for the Sonora home it is best to first meet with a lender and make sure you qualify for both loans.
Good luck,
0 votes Thank Flag Link Thu Jun 14, 2012
You should be able to take out an equity line of credit on your home in Texas and use the funds to make a purchase in Sonora.
0 votes Thank Flag Link Thu Jun 14, 2012
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