You should be fine as long as your income can support both mortgage payments and all other outstanding debts. Due to the lack of equity in your departure residence (less than 30%) you can't use rental income to offset that mortgage payment for qualification. Most banks will require you to have at least 6-12 months PITI for both properties held in assets. As far as your new purchase your existing home will only effect you if the departure residence has a FHA mortgage, you can only have 1 FHA mortgage at a time, with a few exceptions. Other than that you can qualify for a conventional mortgage with as little as 3% down. I'd be happy to assist you in any way that I can. Good luck to you.
NMLS # 75615/465546
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Pretty much you are likely looking at placing 10% down on your next home. Other than that there aren't many requirements you will have to jump through.
But since it is a townhome I would check with your HOA and see what kind of restrictions you may have in the community. Sometimes the HOA has a waiting list due to the fact they may not want a lot of renters in the community.
If you have anymore questions feel free to give me a call anytime.
Tyler Willis, REALTOR®
Keller Williams Realty Intown Atlanta
621 North Ave NE, Suite C-50
Atlanta, GA 30308
Please contact me for a Broker Price Opinion - there are a few possible options that may work based on the numbers.
Professional Buyers Broker
New Home Construction Expert
ICC Code Certified Building Inspector
Corporate Relocations | New Construction | Luxury & Investment Properties
Where is your townhome?
When did you check what is your home worth? I live in Alpharetta - I would like to give you a price opinion. You can email me or call me.
BHGRE Metro Brokers
Call me anytime tomorrow or this evening up to 10 PM on my cell phone - 770-864-7926.
I am a local mortgage banker close to you in Alpharetta and welcome the opportunity to help you through the qualifying process.
Gregory J. Peters
Sales Manager | Evolve Bank & Trust
11605 Haynes Bridge Road Suite 125| Alpharetta, GA 30009
770-255-3835 | fax 678-387-1435 | cell 770-864-7926