Home Buying in Claremont>Question Details

Judy Jenkins, Home Buyer in Rancho Cucamonga, CA

I am very interested in buying a home in Claremont, Ca. The only problem is I still own a home.

Asked by Judy Jenkins, Rancho Cucamonga, CA Wed Apr 9, 2008

What are my chances in buying a home with still owning one? And what would I have to do.

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Answers

5
I would suggest if you can't afford two mortgages to sell your house first
0 votes Thank Flag Link Thu Aug 14, 2008
Hi Judy, I'm your mortgage consultant for Life! John (JP) Parrilla 909 641-8292 with Golden Horizon mortgage in RC: 909 944-1087 ext 101. Email: JPhomeloan@msn.com

First things first! Have you been pre-approved before you make the offer on any property. This will enable the accepting offer to be acceptted with a qualified buyer. (sellers and REO property dont want to waste time).

There is a new guideline, if you are renting the previous home: 1. Must have 30% in previous home 2. Must have renter signed agreement and check from renter 3. Must have 6 months reserves!

The other exception is that your combine income will be able to afford the new and old mortgage and then all that is required is the reserves! T

This is because of the Buy and BAIL statements from FannieMae! Give us a call for more information.

The time table will normally be within 30 days. I have close some tranactions in 12 days! So if you want to move fast, give me a call!

This is the best time to because we are in a buyers market!!!!!
Mr. John (JP) Parrilla

7365 Carnelian Street, Suite 241

Rancho Cucamonga, CA 91730

Ph 909 944-1087 ext 107

Direct 909 641-82192

Fax 909 941-4983

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Answered by
John Parrilla
Real Estate Pro
in Rancho Cucam...
0 votes Thank Flag Link Thu Aug 14, 2008
Judy, that doesn't sound like a problem - unless you don't want to own two. Are you thinking of selling the first home? or renting the first home? IF you are going to keep the first home you will more than likely need about 20% down to purchase the Claremont home. If you are going to sell your RC home you should get it on the market and in escrow prior to the purchase of the Claremont home. IF you rent the RC home you can use a percentage of the rent as income to qualify for the Claremont home. You have lots of avenues you can go in order to insure that you are able to purchase in Claremont. A good idea is to decide which way you are going ?? and then get a personal appointment with a Realtor that is familiar with the "foothill communities".
0 votes Thank Flag Link Tue Jul 8, 2008
Definately check with a mortgage professional to see if you can qualify. If not, you would have to sell your current home first. You may be able to rent your current home out if you are comfortable with that. Give me a call at 951-204-1864 if I can help you answer any further questions! Or please visit my website, you can search the MLS there as well.
0 votes Thank Flag Link Fri Apr 25, 2008
Your should contact your bank or someone in the mortgage business to see if you can handle the 2 mortgage payments. If the answer is no, you will have to get yours SOLD first.
0 votes Thank Flag Link Wed Apr 9, 2008
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