Home Buying in 33012>Question Details

Loganguzman, Home Buyer in 33012

can i buy another house if i own one has benn paid of and would i get a low down payment?

Asked by Loganguzman, 33012 Wed Dec 21, 2011

i own a house (paid off) would i be able to buy another one in payments? and would i quilify for a low down payment? if the house i want to buy cheaper then the one i own, will the bank still give me a loan?

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6
Hi,
The only way to qualify for a low down payment purchase loan, which would be an FHA loan, you will need to be an owner-occupant of the residence being purchased. You would need to provide documentation to support your assertion that you will be living in this purchased property and not renting it. Thiss may become a bit difficult if the property being purchase is smaller than the one you currently own/live in and also if they are geographically close to each other. Otherwise, you would need to purchase the home as an investment property which will require a higher down payment (20-30%) and a little higher interest rate. Please let me know if you have any more questions on this so I can explain in greater detail. You can reach me at 305-992-8624 or josemiamihomes@yahoo.com.
Thanks,
Jose I. Gonzalez
Xcellence Realty
0 votes Thank Flag Link Wed Dec 21, 2011
What you qualify for in a mortgage depends upon occupancy. Is this going to be owner occupied, second home (vacation) or investment?
0 votes Thank Flag Link Wed Dec 21, 2011
With strict lending requirements in place right now...the only way to find out is to contact a reputable mortgage broker or bank and submit an application. You may even want to do a credit check on your own via one of the online credit report services. This will give you your credit scores and show any items that may be questionable on the report. Knowing your situation before you apply will certainly make it easier for you to be ready to answer any credit issues or questions that may arise in the process. You may also be able to correct anything questionable or incorrect that appears on the report before you apply. Being one step ahead can never hurt. Overall, if you know you have good credit, more than likely you will get a loan. Make sure you get good advice from a professional as to what loan product will suit your needs best. Not all loans are created equal...
0 votes Thank Flag Link Wed Dec 21, 2011
Loganguzman, if you have already paid off one house, you will normally have great credit, and should qualify easily for a new mortgage. If you like, I'd be happy to put you in contact with the mortgage folks in my office.

If you're planning on using the second unit as a rental, you should consider your rate of return. By buying a cheaper second house, you will likely be able to collect less rent (and perhaps have less desirable tenants) than if you can stretch to a more expensive property. I would be happy to go over some rough numbers with you.

Best of Luck
Ann Ryan
Keyes Realty
0 votes Thank Flag Link Wed Dec 21, 2011
Dear Mr. Guzman,
Thank you for your inquiry. I would love the opportunity to help you with your new purchase. As part of my team, I work with an excellent Financial/Mortgage company that will not only qualify you but also provide you with excellent buying programs and interest rates. With your permission, please advise how you prefer to be contacted. Please respond with information.

Looking forward to hearing from you,

Aleida Jimenez
Realtor-Associate
Real Living First Service Realty
7900 NW 155 Street, Suite 107
Miami Lakes, FL 33016
786-897-3279
aleidajimenez@att.net
0 votes Thank Flag Link Wed Dec 21, 2011
You can if you qualify. Check with your bank or previous lender.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Wed Dec 21, 2011
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