6 months?

Asked by Hollie, Tracy, CA Wed Nov 3, 2010

I just did refi for my primary house. I want to buy a bigger house as our primary house. Do we need to wait 6 month to claim the new purchase is a primary house?

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Rudi Hofmann’s answer
Rudi Hofmann, Mortgage Broker Or Lender, El Segundo, CA
Wed Nov 10, 2010
You don't need to wait. You will need to qualify with both PITI payments. Depending on the lender, even with 30% equity in your rented home, 75% of rental income may not be counted in your Debt-to-Income Ratios.
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0 votes
Hollie, Home Buyer, Tracy, CA
Thu Nov 4, 2010
Thank you all. I need to keep 30% equity on my current house. I do live here for more than five years.
0 votes
jo, , Hollywood Hills, Los Angeles, CA
Wed Nov 3, 2010
You need to talk to your accountant or a loan agent at a bank near you. Good luck with all your plans...Thank you.
0 votes
John Dutra, , Fremont, CA
Wed Nov 3, 2010
Hollie,
If you have been in that home for some time already, you should be fine.

Most lenders will look at recent purchases however, and check to see if the buyer has actually lived in the property for the past 12 months. If less than that, they can (and have) determined that their is fraud on the buyers part and actually called the note.

If you pulled cash out of the current home to buy the new one, the lender will look for a 30% equity position or greater and count both payments to qualify you for the next purchase - or they may not do the loan.
0 votes
Dan Tavares, , Ventura County, CA
Wed Nov 3, 2010
That really depends on the lender that you use for the new purchase. Certain ones want up to 12 months seasoning before lending to you again. Might look into a short term private money loan to get you in, then refinance after seasoning is up.
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