Home Buying in 37209>Question Details

Donnak, Home Buyer in 37209

I have a house that is paid for and owe on another house I am buying. Can I get a loan to buy another house?

Asked by Donnak, 37209 Mon Jul 16, 2012

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As long as you have sufficient income to show lenders that you are capable of making their payments any bank will gladly lend you money.If you are purchasing these homes to be used as income properties you can show this to the lenders as well,but to be counted as income you need to file taxes on them for 2 years says "uncle SAM".
0 votes Thank Flag Link Fri Apr 26, 2013
Getting a loan to purchase another house, or even a forth house, is all up to your lenders and how much income you can prove! For example, if you hold a well-paying job, are making rental income on the home which is paid for, and intend to convert the third home into a rental, you can estimate rental income on the property as additional income to claim for the loan.

But of course, it's always best to talk to a lender first! :)
0 votes Thank Flag Link Fri Apr 26, 2013
You can definitely buy another house, however you must have good credit, and proof of income. You can rent all the other houses you have and provide the lease agreement along with proof of rental income to the banks and you will certainly be able to buy another house. I just did it.
0 votes Thank Flag Link Sun Mar 17, 2013
Well Donnak, as the others have said, if your income and credit are sufficient, you can qualify for another property loan. Home Equity Line of Credit may be a good option as well. Check with a lender you trust for more details, or I am happy to provide you some names.
0 votes Thank Flag Link Tue Jul 17, 2012
As others have said, as long as your income and credit are sufficient you should be able to. You will likely find that the terms of a new loan may different that what you've had before. Usually non owner occupied loans will have different terms, rates and may be viewed by the bank a little differently. Some loan programs are not available to non owner occupied borrowers.
0 votes Thank Flag Link Mon Jul 16, 2012
a HELOC might be a good answer for you. If a mortgage is more in line with what you need, then your income must be able to support both payments.
Web Reference: http://www.TennEstates.com
0 votes Thank Flag Link Mon Jul 16, 2012
can you afford 3 houses? If your answer is yes, then likely the lender's answer will be yes. are you amassing rental properties? If so, congratulations.
0 votes Thank Flag Link Mon Jul 16, 2012
Typically, folks in your position would look into a HELOC (Home Equity Line of Credit) on the paid-off house, to finance the new home purchase; which also avoid's some closing costs associated with the financing side of things. Would be happy to put you in touch with some excellent lenders that have helped clients this month.

Is the plan short term until you sell the current home?
0 votes Thank Flag Link Mon Jul 16, 2012
As long as your income and credit score is good you should be able to purchase another home. If you need some lender contacts, give me a shout, or if you want me to show you some properties. Sharon Wayman 289-6502 sharon.wayman@crye-leike.com
0 votes Thank Flag Link Mon Jul 16, 2012
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