How do you buy a home when you have a mortgage on another?

Asked by Shelley Williams, Bedford, TX Sun Jan 12, 2014

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Susie Kay, Agent, Dallas, TX
Mon Jul 14, 2014
Presumably you have your question answered. If you haven't give me a call or text me and I can connect you with a lender or two so you can discuss.

Take care,
Susie Kay
United Real Estate
0 votes
Bruce Lynn, Agent, Coppell, TX
Wed Jan 15, 2014
You may have to sell the 1st one to buy the second one.
You may need to close out the one you have now before closing on the 2nd.

Is that what you are asking?
0 votes
, ,
Tue Jan 14, 2014
If yo meet the qualifications it is not a problem. The qualifications depend on the occupancy status of each house, the equity in the current house (if you need rental income to qualify), and other standard underwriting guidelines. I'm happy to help you determine if you qualify at your convenience.

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Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist

Direct: 240-752-7549 Cell: 301-651-7822
NMLS# 695929

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Dallas Texas, Agent, Dallas, TN
Sun Jan 12, 2014
Much depends on a lender. I work with many families in the same circumstance contact my office on Monday where I can obtain additional information refer you to a GREAT mortgage broker.

Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
972-699-9111 100's of Dallas homes listed for sale or lease

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Jason Todd, Agent, Frisco, TX
Sun Jan 12, 2014
I have some great lenders that I work with regularly that can help you get qualified.
Web Reference:
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Anne Bokalo, Agent, CANTON, TX
Sun Jan 12, 2014
It depends on whether you will sell or lease your present house. First talk with a lender to see where you can go with your house..
I had the same experience 17 yrs ago and my lender wanted to have a 1 yr lease on my house to buy another one after approving a new loan. I did both.
0 votes
Kenneth "Ken…, Agent, Dallas, TX
Sun Jan 12, 2014
Contact any lender of your choice and see if you can qualify for another. Then decide if your selling your current home or leasing it, if the new mortgage will allow it. Then pick any 1 Realtor to assist you.
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