can i apply for a loan to buy another house from a house I recently purchased?

Asked by SyedAdnan786, New York, NY Thu Mar 7, 2013

House was purchased for $400k and Paid all in cash. It was purchased in Dec 2012, Interested in buying another property through taking out loan from this one. Wondering if its possible?

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10
Michael Denn…, Agent, Queens, NY
Sun Mar 10, 2013
Yes, it's possible and common. But there are many factors to consider such as whether the new home will become your primary residence. I have helped many buyers in a similar situation. I can be contacted directly at 917.699.0183 for more information or assistance. Follow me on twitter @mdenniston247.

l value your feedback. Please hit the thumbs up if my reply was helpful. All tjhe best.

Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
Mdenniston@RHFunding.com
http://www.rhfunding.com
1 vote
Gregorio Den…, , San Diego, CA
Fri Mar 8, 2013
Why wouldn't you just take out a mortgage on the one you are buying? Are you buying it as a primary residence? If you plan to rent the one you bought for 400K cash you WILL be able to use the rents generated to qualify for the new mortgage. By financing the new one you will also avoid any cash out pricing adjustments.
Web Reference:  http://WeFixRates.Com
1 vote
I dont know if I can take out a loan. I am currently studying to take an exam and have no Income from last year and will be interning until next year.
The house was purchased in Dec 2012. As of now both units have been rented out with a total Rental Income of $3,000.00 a Month. I have a Singed lease agreement. I am 28 and a student. So no other income. How long does it take or is it possible to take out 400k on this house so I can buy another house where I can live/rent. Thanks
Flag Sat Mar 9, 2013
Anna M Brocco, Agent, Williston Park, NY
Thu Mar 7, 2013
For a personalized answer visit with any licensed loan officer; a determination can only be made after he/she has reviewed your financial information...
1 vote
Linusokeguale, Home Buyer, New York, NY
Wed Feb 4, 2015
Yes you can contact this loan shark in NY USA, they offers mortgage loans free without credit check at 3% rate email: sunloansharkk@gmail.com
0 votes
Michael Rich…, Agent, NY,
Sat Mar 9, 2013
This is done all the time. I have done many transactions where the buyer has done a cash out refinance on a property they already own and is debt free to use the loan proceeds to purchase another property for all cash. The tricky part these days is the timing. It can take as long as 6 months to close on a loan. If you are already in contract to purchase for all cash, waiting a long period of time to cash out the other property can be problematic.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
917-991-2528
mrichman@kianrealtynyc.com
http://www.kianrealtynyc.com
0 votes
Hi,
The house was purchased in Dec 2012. As of now both units have been rented out with a total Rental Income of $3,000.00 a Month. I have a Singed lease agreement. I am 28 and a student. So no other income. How long does it take or is it possible to take out 400k on this house so I can buy another house where I can live/rent. Thanks
Flag Sat Mar 9, 2013
KLICK, Both Buyer And Seller, Long Island City, NY
Sat Mar 9, 2013
If the 400k house is your primary, you might have to look into the deductibility of your interest on what will be technically a "refinance", but otherwise, this is a fine idea. I didnt' the same thing a couple years ago, but I moved out of the house I refinanced, so it became a rental and the tax deductibility was a non-issue. Are you getting a mortgage on the new purchase too?
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Fri Mar 8, 2013
Should def mortgage the house you'll live in. NOT the one that's you're using as investment.
0 votes
Martina Ryan, Agent, Flushing, NY
Fri Mar 8, 2013
Shouldn't be a problem if your credit score is ok & you have the necessary paperwork. Get some quotes from mortgage brokers & see what you qualify for. Let me know if you need a referral.
0 votes
Jose Deleon, Agent, Port Washington, NY
Thu Mar 7, 2013
Dear Omar,

Absolutely, it depends on the credit and on your financial obligations.

If you need a banker to help you I could refer one.

Please let me know.

Bernardodl@aol.com
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Thu Mar 7, 2013
Yes you can as long as you're able to qualify. Keep in mind that if you plan on buying this new house as an investment, you'll get higher rates and require at least a 15-20% down payment. If you plan on living in the property you'll have options with lower interest rates and lower down payment.

I suggest you meet face-to-face with a Loan Officer and see what you can qualify for. I'm always available to meet in our Queens offices if you're in need of a mortgage company to help you. Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
0 votes
Hi,
The house was purchased in Dec 2012. As of now both units have been rented out with a total Rental Income of $3,000.00 a Month. I have a Singed lease agreement. I am 28 and a student. So no other income. How long does it take or is it possible to take out 400k on this house so I can buy another house where I can live/rent. Thanks
Flag Sat Mar 9, 2013
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