Home Buying in Long Beach>Question Details

osalassimple…, Home Buyer in 93004

if I bought a house in 2011 WANT TO BUY ANOTHER rent the first if my property has equity how soon can I refinance

Asked by osalassimplepad, 93004 Thu Oct 18, 2012

Help the community by answering this question:

Answers

4
ssimplepad, What's your first priority, refinancing your current home or purchasing another?

Depending on how much equity you have in your current home, we may be able to use projected rental income to offset your new purchase mortgage....

However, if you refinance your current home as a primary residence, the Grant Deed will stipulate that you plan on occupying this home as your primary residence for at least 12 months.....what this means is that your next purchase within the next year will be considered a rental, requiring 20% down...

Fully reviewing your situation and developing the correct strategy is vital for your lending success!

Feel free to contact me so I can further analyze your situation!

best regards, Jeff Marr
0 votes Thank Flag Link Sat Nov 3, 2012
The question about doing a refi is one for a lender, not a realtor.

You should contact a lender and see about doing the refi first.

Once you get the refi stuff in order, then look for an agent to help you buy your second home.

Best of success to you.

Kawain Payne, Realtor
0 votes Thank Flag Link Wed Oct 31, 2012
You should talk to a lender regarding this. The underwriting criteria are different for rentals than for primary residences as are the down payment and equity requirements. If you need a referral to a great lender, please let me know.
Web Reference: http://www.ShowMeHome.com
0 votes Thank Flag Link Sat Oct 27, 2012
You can refinance at any time providing your finances support it. You can carry multiple mortgages if you can afford it and the lender is comfortable with you.
0 votes Thank Flag Link Thu Oct 18, 2012
Jim - why are you responding to lending-related questions when you're not a lender, nor do you appear to perform real estate services in CA? Sorry to bust your chops, but your response isn't correct as there are limitation beyond the borrower's finances supporting multiple mortgages...
Flag Sun Nov 4, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer