Home Buying in Cullman>Question Details

Tigger, Home Buyer in Cullman, AL

I want a new home but i still owe on my current one. How would i be able to buy a new home?

Asked by Tigger, Cullman, AL Sat Oct 15, 2011

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How long have you been in your current home? Do you have any equity built up? I agree with Kelly, the first step is to speak with a loan officer to make sure you will be able to purchase when you sell your current home. Then get your home on the market! You never know how long it will take you to sell your current home. Keep your eyes open for homes that interest you while marketing your home for sale. You sure don't want to have 2 mortgage payments! Please visit my website below for helpful buyer information, and let me know if you need the names & numbers of some great local lenders! Please don't hesitate to call me if you would like an honest evaluation of your current home - I'll be happy to come take a look & give you my honest opinion. Good Luck!
0 votes Thank Flag Link Sat Oct 15, 2011
The first thing you would need to do is to talk with a Mortgage Company/Lender to see if you would qualify to purchase a home while owning a home. The only thing is, you would not qualify for a FHA or a USDA loan because these type loans are for people currently not owning a home. When talking to a lender, they would be able to guide you in the direction they felt would best suit your needs. If you're not sure which lender to use, give me a call and I would be more than happy to give you some names which have been very helpful to my past clients.

I would suggest selling your home first or putting it on the market and in the meantime, looking at homes which may interest you. Once you receive an offer on your home, you will be ahead of the game by knowing which home you're interested in.
0 votes Thank Flag Link Sat Oct 15, 2011
Is your current home paid off, or do you need to sell first...much will also depend on your income, credit, debt, etc.; therefore visit with any loan officer(s), after reviewing your overall financials a determination on qualification, or, what needs to be done can be made....
0 votes Thank Flag Link Sat Oct 15, 2011
Talk to a lender or mortgage broker and see what your options are! We have no way of knowing what you qualify for.
0 votes Thank Flag Link Sat Oct 15, 2011
Hi, Your best bet is to speak directly to a mortgage professional. they will assess your current situation and properly guide you. You should look into selling your current home first and see if the sale will cover what you owe. This factor will decide how the rest of the process will flow.

Chris
0 votes Thank Flag Link Sat Oct 15, 2011
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