Home Buying in 20190>Question Details

zaklamak, Home Buyer in 20190

Purchasing a second home while renting my first home

Asked by zaklamak, 20190 Fri Jul 6, 2012

I rented out my condo in January 2012 (6 months ago) in Boston and moved to the DC area.
I am trying to work out the best way to qualify for purchasing a primary residence in the DC Area.

I have over 70% equity in my condo.

Is there a ballpark calculation I can use to see how much new house I can afford?

I understand that I need at least a lease agreement and perhaps a few more months or up to 2 years of rental history .... and that at that point my regular income plus some of my rental income weighed against my debt and mortgage on my rental property to figure out how much I can qualify for in a mortgage based on interest rate.

Any way to ballpark it or additional advice on how long I would need in rental history or advice on how to improve my position would be great.

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Answers

3
Most lenders are round peg round hole kind of lenders. If you want a lender who makes decisions based on what makes sense..give me a call or send me an e-mail.

Then we can move forward to help you do what's best.

Kind Regards,

Erik J. Weisskopf, ABR,CDPE,CRS,GRI
Re/Max Distinctive
Erik@AskMeAboutHomes.com
703.216.1222
0 votes Thank Flag Link Fri Jul 6, 2012
I know a lender in MD that could possibly make you a loan now to purchase a home in the DC area. His name is Bob Mowrey with Susquehanna Bank in Maryland. He made a loan for some clients of mine that moved to the Richmond area from California and they had about the same amount of rental history that you do. Give him a call....his direct number is 410-404-0095. He can tell you what you will qualify for and maybe you won't have to wait.

Good Luck!

Tina Beasley
Associate Broker
804-972-9927
0 votes Thank Flag Link Fri Jul 6, 2012
Call me if you like to discuss. Your best bet is to ask a lender to prequalify you. Once you file Schedule E next year, you will have more documentation to provide to your lender. My number is 703-625-6731
0 votes Thank Flag Link Fri Jul 6, 2012
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