Home Buying in Miami>Question Details

piporizo, Home Buyer in Miami, FL

I would like to buy a second property to live and rent the house that I currently own.

Asked by piporizo, Miami, FL Mon Jul 16, 2012

We are underwater and fresh out of refinancing to a lower rate in our current property. We need a bigger home, but understand that is impossible to sell our house without losing a substantial amount of money. Is that kind of loan possible and how much will we need for down payment?

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BEST ANSWER
Good Afternoon,

Your very first stop will be to consult with a loan officer to get the answers to these questions. A qualified loan officer will let you know what the lending requirements are for your particular circumstances. Given you will be renting out your current home, you will quite possibly only get partial credit for the rent, and will basically need to qualify to carry both mortgages. A loan officer can in turn let you know what programs are available, the downpayment requirements, closing costs etc. Once you have established that, then you can start the search in ernest for the new bigger home you seek. Good luck in your search. Should you have any additional questions, please feel free to contact me.

Lila V. Lopez
RE/MAX Advance Realty
homesbylila@yahoo.com
305-772-2521
0 votes Thank Flag Link Mon Jul 16, 2012
Congratulations! You are on your way to cecoming a real estate Investor. As a Realtor with the CIAS designation (Certified Investor Agent Specialist) and over 23 years as a Broker-Associate with Coldwell Banker, I would love to help you enter the world of real estate investment.
Call me at 305-298-2810 It will be a pleasure to help you.
0 votes Thank Flag Link Sun Jul 22, 2012
Dear Piporizo
It sounds to me like you need to speak to Rafael Cabrera from EMI Lending 305.408.8401 or rcabrera@emilending.com. He is a professional in this field and can answer all of your questions. There are a lot of factors such as Income, Credit, Price of Home, Property taxes, Association dues etc that have an effect on whether that kind of loan is possible. He will be able to explain to you the different options and of course it would be a free consultation. Feel free to contact him or I as we both work in the same office.

Oscar Calvo
Mobile: 305.522.9967
Equitable Co. Realtors
5600 S.W. 135 Av. Suite. 206
Miami, FL 33183
Office: 305.408.8401
Fax: 305.408.8402
Email: oscar.calvo@ecrrealtors.com
Website: http://www.ECRREALTORS.com
0 votes Thank Flag Link Tue Jul 17, 2012
Hey there!

Hope you're a little more clear on what your first step should be now. Like everyone mentioned, first thing you need to consult with a Mortgage Broker to assess the financial situation answer all your questions regarding closing costs, down payment, loan amount, etc. Then you can start searching for your new home with no worries.

If you need any assistance contacting a Mortgage Broker, feel free to contact me. We can set up an appointment for you and of course it's free of charge and no commitment.

Good luck with your search, If you have any questions or concerns, don't hesitate to ask.

Sincerely,

Carlos M. Tamayo | Realtor |
Keller Williams Realty Premier Properties
11420 N. Kendall Drive Ste 207 Miami, FL, 33176
O: 305.595.2844| D: 305.213.3398|
W: http://www.carlosmtamayo.com
E: carlostamayo@kw.com
0 votes Thank Flag Link Mon Jul 16, 2012
Hi...

I agree with Lila, the first step is to consult with a mortgage broker to explore all different options, then we would be able to better assess the conditions of the new purchase.

There are several new programs in place, interest rates are low, feel free to contact me, I can assist you in setting up an appointment with a mortgage broker within our office.

Looking forward to hearing from you soon,

Ailed Alzugaray
Miami New Realty
Direct: (305)439-9977
Email: ailedmor@yahoo.com
0 votes Thank Flag Link Mon Jul 16, 2012
Hello-

Congratulation !!! You are on the right track. Hopefully you have better financing than before on your current home. Now you are looking to buy a property that will suit your needs better.

Try not to concentrate too much on how much you will lose on your current property. try to concentrate on how much you could be saving by not having this property at all.

The market condition, the prices, the programs, the interest rates in today markets will not be available for ever.

Looking forward helping you !!

Juan J. Santos | Realtor®, | The Santos Real Estate Group at Keller Williams Realty | 2000 NW 150th Ave. Ste 1100 | Pembroke Pines, FL 33028 | O: 954.471.4406 | F: 888.970.7790 |
Email: santosrealestategroup@gmail.com | Visit http://juansantos.yourkwagent.com
0 votes Thank Flag Link Mon Jul 16, 2012
I won't and can't say, yay!!! Let's start shopping. The answer is: it all depends and frankly I think you are asking the wrong group of people. Why? Because we are here to find and sell you a perfect home, but what you need is for someone to tell you if you can afford a new home, so I'd suggest you speak with a lender first, they are more qualified to answer your question.

If you know a lender - great, if not - then call me and i'll make a few suggestions.

Best,
Gene Kromo / 305-606-7534
Licensed Real Estate Proffessional
Global Luxury Realty
0 votes Thank Flag Link Mon Jul 16, 2012
You may have some options,however, I need to know how much you owe and today's property market value.
Contact me at your earliest convenience and I will analyze your options, and it is Free!

Fabio Gilbeaux - Broker
Advance Florida Realty
786-546-5558
fabioreal@comcast.net
0 votes Thank Flag Link Mon Jul 16, 2012
Ok, Piporizo, please call me, let start looking for your new and bigger home. 305 519-3199
0 votes Thank Flag Link Mon Jul 16, 2012
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