Home Buying in Springfield>Question Details

Pamela, Home Buyer in Springfield, VA

I own a home in Va Beach,VA, and am renting it out. I moved several years ago to the DC area, and have been renting. Could I buy here also?

Asked by Pamela, Springfield, VA Fri Jul 29, 2011

Help the community by answering this question:


Pamela, The quick answer is yes, you can buy a home. The long answer is you will need to qualify for the mortgage. If you are collecting rent on the VA Beach property that income can be used to offset the debt of your mortgage payment. You are lucky that there are several loan programs that allow this. You will need to sit down with a lender who will review your income, assets and credit to determine how much of a loan and which loan program best fits your unique situation.
If you would like, you can call me and we can go over your loan options. I am a lender and have been originating and closing loans in Springfield for the past 25 years, I would be happy to help you.
You can either email or call me
Rick Eul
NMLS 483769
Sales Manager
EverBank Mortgage
703-967-8845 (c)
0 votes Thank Flag Link Sun Jul 15, 2012
If you qualify for a mortgage now is the time to buy. If you do not need a mortgage and will pay cash, you should buy now without delay before interest rates go higher.Please let me know if this is a job related relocation.
0 votes Thank Flag Link Tue Aug 2, 2011

Yes you can buy, but I would talk to a lender to know how much you can qualify for.

Good luck!
0 votes Thank Flag Link Mon Aug 1, 2011
Hi Pam,

As long as you can get a loan and afford the payment, of course! And, even though you own a home in VA Beach, you could still qualify for the first time homebuyer's credit in DC (if that's where you want to buy) if you have never owned a home in DC before. That's up to $5000, if you qualify.

I have list of great local lenders who can tell you what all of your options are and I'd be happy to send it to you. Just drop me an email.


Kelly Putz
Buyer's and Seller's REALTOR®
Keller Williams McLean
0 votes Thank Flag Link Sun Jul 31, 2011
As long as you meet the income, credit and asset requirements it should not be a problem. I have done many loans for borrowers who are also current homeowners. Just need to document everything accurately during the Pre-Approval process: http://www.trulia.com/blog/elliott_r_oliva/2011/07/pre-quali…

For more details on getting started with the process please feel free to contact me at your convenience.

Elliott R. Oliva
Mortgage Banker| nmls#353884
Primary Residential Mortgage
202.681.1636 direct

Se habla Espanol
0 votes Thank Flag Link Sat Jul 30, 2011
This is a very basic transaction qualification, and YES you can buy a home up here.
You don't need anyone special to help you and any portfolio or standard lender can do this transaction as it falls within the guidelines of all major secondary lenders. VERY EASY loan for you to get.
for more info go to http://www.AllFairfaxVAHomesforsale.com
0 votes Thank Flag Link Sat Jul 30, 2011

Of course! As long as the credit and or income and or down payment is where it needs to be..then absolutely. Rental history of two years...not necessarily...IF you use a typical agent and a typical bank..then perhaps your odds will be less favorable.

If you use an experienced agent and a portfolio lender..then if the deal makes sense..it's not a problem. You just need some outside the box thinkers..

Let me know if I can help. Thanks and have a great day!

Kind Regards,

Erik J. Weisskopf, ABR,CDPE,CRS,GRI
0 votes Thank Flag Link Fri Jul 29, 2011
Hi Pam,

There is only one way to find out. Call or visit us. We are located in Springfield at 5415a Backlick Rd. 703-941-5050. To be able to serve you exclusively, please make an appointment.

Web Reference: http://www.erap.us
0 votes Thank Flag Link Fri Jul 29, 2011
Yes, if you have a rental history over 2 years
0 votes Thank Flag Link Fri Jul 29, 2011
There is no reason (other than your ability to get a mortgage) that you shouldn't be able to purchase. If your home in VA Beach has shown a continuous rental income, that should be a plus. I have lenders who work with people in this situation all of the time.
Feel free to contact me if you have any other questions or if I can help in your search.
Phyllis Papkin
RE/MAX Allegiance
Burke, VA
0 votes Thank Flag Link Fri Jul 29, 2011
Yes you can. You can own as many homes as you like.
You would need to show a copy of the Lease on your Va Beach Home if
you would looking for financing.

Good luck!
0 votes Thank Flag Link Fri Jul 29, 2011
Hello, the answer is maybe, if your credit and income is adequate and you have a two year history of renting the property then there is a very good chance you can, if you have less than two years renting and a substantial down payment then the chances are still very good, the best thing you can do is call a local lender, or stop by your local back and let them per approve you for a mortgage. good luck Bob Nowak
0 votes Thank Flag Link Fri Jul 29, 2011
I am sure there are many, many desperate sellers that would love to sell you their home.
0 votes Thank Flag Link Fri Jul 29, 2011
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