Home Buying in Birmingham>Question Details

Matt, Home Seller in Birmingham, AL

What are the financial requirements to rent and buy another home at the same time?

Asked by Matt, Birmingham, AL Sun Mar 24, 2013

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That is somewhat of a loaded question. Are you renting one now that you live in? Are you buying another house that you will live in? Only a Mortgage Broker can answer this question for you. It all boils down to what your plan is, what your credit score is, and also, what is your income to support 2 properties.
I suggest you sit down with a banker before you make an real decisiona. I always give this advice to anyone wanting to buy or rent. Creit scores are checked on both sides as well as incomes
0 votes Thank Flag Link Sun Mar 24, 2013
Hey Matt! I'm a lender. It would depend on which one you spent more time at. If your purchasing your primary residence it's as simple as over 600 credit score - Established credit with no late payments recently. - Small down payment (I offer Zero Down USDA and VA then $100 down payment on HUD foreclosures then 3.5% and 3% with some FHA and Conventional products) - Now if you plan to stay in the aprtment more than you do the house - then the house would be your Secondary residence regardless if it is your only house or not. That would require a 20% investment. So in a nut shell - if you live in it mostly. Standard requirements. - If your not going to be there as much, 20% down investment loan. Hope I help! You can reach me anytime by emailing me trey@tjcmortgage.com - Helping put families and homes together for 29 years NEXT MONTH! 205-296-8741 cell
0 votes Thank Flag Link Sun Mar 24, 2013
Matt, you would have to speak to a lender and I assume it will be dependant on each specific situation. You can contact the mortgage department at wherever you bank, or if you would like me to give you a couple of people that I've had clients use in the past that I believe could help you I can pass their contact information along.
Best of luck!

Aaron Sims, REALTOR®
Weichert, Realtors-Access Realty
Web Reference: http://JAaronSims.com
0 votes Thank Flag Link Sun Mar 24, 2013
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