Home Buying in 08540>Question Details

Ks, Home Buyer in 08540

Currently, My wife and I have a condo in Ohio with 40k in equity. Can we utilize the equity as a downpayment on a property in Princeton,NJ?

Asked by Ks, 08540 Mon Mar 5, 2012

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9
Thank you to all for answers yesterday. The process of having multiple mortgages is new for us and poses to have many complications/challenges to overcome in this turbulent mortgage market.
0 votes Thank Flag Link Tue Mar 6, 2012
Hi KS,
It depends. Do you desire to keep your home in Ohio and have a second home in New Jersey? I presume you intend to keep both. Most likely you will not be able to get all the equity out of your Ohio home, because the lenders will want to have a cushion of equity for themselves. You could refinance your entire home or take a home equity line of credit (HELOC). Is there any chance that your buying this for a child who is attending college? If so, you might have other options. I'm a Realtor and you really need a good lender who understands the programs that are available in New Jersey that might help you get the loan you need. Let me know if I can make a referral to you. I could introduce you to three good lenders that you can trust, because they want to protect their relationship with me. I look forward to helping you.
Drew
Web Reference: http://www.cifrodelli.com
0 votes Thank Flag Link Mon Mar 5, 2012
It is possible,however, you need speak to a mortgage rep about your qualification to get a mortgage. I would suggest you to talk to our financial manager: Jeff Smith 267-312-0787, he will be able to give you better picture. After you get his pre-approval then we can start to look the properties that in your price range. I am available to answer any real estate question.

All the best,
Ivy Huang
Weichert Realtors
Direct 609-375-8685
ihuang@weichert.com
0 votes Thank Flag Link Mon Mar 5, 2012
Where are you in Ohio? I'm from Dayton. When considering a loan like this you really need to consult with a mortgage lender. Your income must qualify for both loans. If you are planning on renting the Ohio condo there are certain rules that will apply to you. You will be considered an investor for the condo and may have to pay capital gains on that property when you sell it. This is something you should clarify with your accountant. I'd be happy to provide you with buying options here in NJ. I have lived here 37 years and have been a Realtor for 19 of those. I'd like to help.
0 votes Thank Flag Link Mon Mar 5, 2012
Generally you willl need 20% down + closing costs. You can also use FHA which will require less down. I have a mortgage rep who can speak with and who offers a program who can shop 14 banks (reputable mortgage companies you have heard of). Just email me or give me a call.

Helen Sherman
Broker Associate
Prudential Fox and Roach
helensherman@gmail.com
609 683 8507 (direct)
0 votes Thank Flag Link Mon Mar 5, 2012
This is not a financial advise - you can take HELOC or HE loan to purchase, but mortgagee might prohibit you from using HE money to buy another property. Also this loan, among all others, will be used to calculate how much money can you borrow for a new house.
0 votes Thank Flag Link Mon Mar 5, 2012
Sure if you can get a home equity loan on your condo you can use it.to mpurchase a home.
0 votes Thank Flag Link Mon Mar 5, 2012
You can take equity from one property to purchase another. But, you must be able to qualify for the additional debt on your purchase. Speak with a few mortgage reps. If you need some names, contact me via Trulia or my website below.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Mon Mar 5, 2012
Once you sell your condo you can certainly use the net proceeds to put down on a house in Princeton. If you wanted to put down 10% that would give you plenty of options in the Princeton area. If you need more info on the different housing options in the area feel free to call me on my cell, 609 529-6146 or email me at camishomes@yahoo.com.
0 votes Thank Flag Link Mon Mar 5, 2012
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