Home Selling in 77406>Question Details

Tmakofski, Home Buyer in Needville, TX

i have a house in Richmond Texas that i would like to keep as a rent house. is there a way i can get another house with little or no money down?

Asked by Tmakofski, Needville, TX Tue Aug 2, 2011

i am getttin gmarried and we want to move to Damon Texas or Wharton Texas. The houses in my neighborhood are all selling way below market value and i havea lot of equity in my house that i'd hate to loose. if its best for me to sell i can diffinately compete.

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Mary Walker’s answer
I am a Realtor and a property manager and would like to help you. I have been in Real Estate in Houston for 42 years with 2 years in Austin during the oil bust here. Now that was a nightmare. All the properties that went down came back again. As long as your rent is close to covering your payment then you should hang on. Ask the person that you bank with what they offer in mortgages or call the mortgage person at Chase Bank and get prequalified and you will know the real answer on how much to spend. Some areas are hot, like Katy, Texas. My accountant asked me how I liked gas at below $2.00 and I said I spent $3.79 yesterday and he said " No Mary , I am talking about natural gas; he said it has never been this low. " I own no land but I own what is under the land and I don't even mow it. There are going to be some bargains. I like Wharton, Texas because my Aunt was the tax assessor there. I don't know beans about Wharton so I can refer you to an agent in our office who lives there.Please contact me at creasymary@yahoo.com. The original question answered is yes you can get another house with a little down.
0 votes Thank Flag Link Sat Apr 14, 2012
BEST ANSWER
As long as your income can support two mortgages. Being a "new" landlord you may not be able to use any rental income even if you are able to get the home leased in time for the new purchase. You need to find a lender to discuss this and make sure you can qualify with the debt load. As long as your income supports your debt and your credit is good you will be OK.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
listings@dongroff.com
0 votes Thank Flag Link Wed Aug 3, 2011
Yes you will be able to get another mortgage.
All will depend on your debt to income ratio.
How much is your present mortgage and also how can you afford a second mortgage.
Please sit with a lender first and get your self qualified for a second home.
This home will loose its primary resident homestead exemption.So you will have to earn extra to pay property taxes.
Have any questions please call.
0 votes Thank Flag Link Tue Aug 2, 2011
You will most likely be able to quality for an FHA loan, I mention FHA because it requires as little as 3.5% of your own money as an investment in the transaction. But you really need to speak with a reputable lender to get a true picture of your borrowing capacity. Please contact me and I would be happy to give you the name of a lender in Sugar Land that will able to answer all of your questions. I would also like to sit down with you to discuss the value of your property and to offer options that may be available to you so that you can get on with your new life in Damon, TX. Looking forward to speaking with you, Denise Hulse, RE/MAX Southwest , Office @ 281-207-5155, denise@deniseandruth.com
0 votes Thank Flag Link Tue Aug 2, 2011
yes...you need to speak with a lender regarding what you can qualify for if you keep the home and would like to purchase another.

Please email me directly and I will refer you to a lender that can help get you started.
0 votes Thank Flag Link Tue Aug 2, 2011
"The houses in my neighborhood are all selling way below market value and i havea lot of equity in my house that i'd hate to loose."

This indicates that you may have no equity in your home. If this is the case then consider strategic default. The home will fall in value from here. Do not make the mistake of waiting for much lower prices as sellers are typically doing today.
0 votes Thank Flag Link Tue Aug 2, 2011
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