Alex Caragiannides

"Professional Mortgage Services"

I'm a:	Just Looking
Location:	San Diego
Web sites:	My Web site
Phone:	(619) 238-0018

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We are thinking about purchasing a second home, but we are confused about how much we can qualify for now.

Asked Wed Sep 10 2008, 14:12 by Jennifer Pla… - 92028 - Home Buying - 2 answers

Alex Caragiannides answered:

Hi Jennifer,
I want to make sure that I'm clear on what you are looking to do. So you own the home that you currently live in now and are planning on buying another home as your primary residence? You will be moving out of your current home, renting it out and moving into another property? Even though the 30% equity rule does exist the good news is that there are a lot of ways to structure a loan for approval. For example FHA guidelines do not have a 30% equity requirement on your current home and will use 75% of the rent. Debt to income ratios vary from investor to investor and compensating factors can help with approvals as well. Give me a call when you have some time and I will answer and address any concerns you may have in more detail.

All the best,
Alex Caragiannides
619-238-0018 - Wed Sep 10 2008, 16:51

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