Will I be able to have two mortgages?

Asked by Casey Drummond, Atlanta, GA Tue Nov 12, 2013

I am in the market to upgrade to a larger condo either in California or Georgia. My current condo is underwater yet refinanced to a (5.5% rate), and my credit score is (735). My current mortgage is ($700) and student loan is ($400) with very few other obligations. My current salary is in the $60 - 70k range. I wish to rent my current property which is in the 30305 zip code. What steps do I need to take to figure out how much I may expect to afford on a new mortgage? Also, my current condo is not FHA, and I would like to put between 0 - 5% down on my next purchase. Is this feasible with or without FHA on the new home? What other steps do I need to take into account? Thanks!

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Jeff Jackson, Agent, Atlanta, GA
Thu Jun 26, 2014
I would be happy to discuss with you!

Jeff Jackson
0 votes
Allyson Veng…, Agent, Roswell, GA
Thu Nov 14, 2013
That should not be a problem. You should call a seasoned Loan Officer:

Stephen Katz
Katz Mortgage Team
a branch of VanDyk Mortgage Corp.

Phone 770-309-0939
Toll Free 866-742-8400
Fax 678-999-3299
0 votes
Sandy Thacker, Mortgage Broker Or Lender, Sandy Springs, GA
Wed Nov 13, 2013
I suggest that you discuss your scenario with a seasoned loan officer that can directly lend in all 50 states.

.Sandy Thacker
Sr. Mortgage Banker | Consumer Direct Lending
CBC National Bank
NMLS 204575

3010 Royal Blvd. South | Suite 230 | Alpharetta, GA 30022
770-826-3058 Cell
678-935-1154 Fax
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Wed Nov 13, 2013
Hi Casey,
A complete Pre-Qualifcation review would need to be done to accurately answer your question. Except for VA and USDA (rural proeprties) there is not more 100% financing available. FHA will require 3.5% down and Conventioanl will need 5% down.

If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com to get started.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes
Veronika Bar…, Agent, Roswell, GA
Tue Nov 12, 2013
Call my lender:
Timothy Brown | LPO Manager
EVOLVE bank & trust
11605 Haynes Bridge Road Suite 125
Alpharetta, GA 30009
o. 770.255.3880 | f. 678.935.1156 | m. 678.467.9959
NMLS #:168281

He will be able to help. Most of the lenders in GA require to have 20% equity in the current home and 6 months of reserves in the bank for both mortgages.
0 votes
Rick Musto, Agent, Roswell, GA
Tue Nov 12, 2013
Casey - some very good questions...I would be happy to talk to you about this. Feel free to give me a call tomorrow.

Rick Musto
Mortgage Loan Originator
Buckhead Home Loans
NMLS: 989741
1455 Old Alabama Rd., Suite 195A
Roswell, GA 30076
Work: 678-578-0640
Cell: 770-480-7699
eFax: 770-783-3119
0 votes
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