Home Buying in Brooklyn>Question Details

Lorane forre…, Home Buyer in Dallas, TX

recently purchased a condo & is looking to buy another property to rent, any restrictions on how soon a homeowner can buy another property.

Asked by Lorane forrester TOBAS, Dallas, TX Tue Apr 9, 2013

Help the community by answering this question:

Answers

6
You can buy on the same day if you have the funding & good credit.
0 votes Thank Flag Link Wed Apr 10, 2013
Hello, I believe you can buy as soon as you want but in order to get approved for a second loan you will have to have a high income or show proof of additional funds in the bank or in liquid investments. Usually if you own already and buying a second property you would be considered an investor and may have to put down 20% so check with your mortgage broker. (You didn't mention if you're seeking a loan or cash buyer).

Good luck!
0 votes Thank Flag Link Wed Apr 10, 2013
There is no timeframe limitations. The only limitations will be set based on your qualification (assuming that you're financing) for a mortgage.

Meet face to face with a Loan Officer and get pre-approved for an investment loan. I'm always available to meet in our Brooklyn offices if you'd like. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
0 votes Thank Flag Link Tue Apr 9, 2013
Depends on your finances, therefore consult with any licensed loan officer.
0 votes Thank Flag Link Tue Apr 9, 2013
Dear divalicious1124:

You will only be limited by your qualifications. Speak to a mortgage banker and find out what you can do. Unless you are buying all cash, then you will have no problem. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Tue Apr 9, 2013
There are no restrictions on purchasing property - as long as you are financially capable of doing so,
0 votes Thank Flag Link Tue Apr 9, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer