I own a condo in florida with a mortgage of 90,000, I have it rented out,but the rent only covers part of the mortgage and my HOA dues.I would like

Asked by Cappy, 33907 Thu Nov 5, 2009

to buy a house some day in about a year up north as my primary residence. Do you think I will be able to get a mortgage, as I would stii like to keep my condo.

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Terry McCarl…, Agent, Cape Coral, FL
Mon Jul 9, 2012
If your credit is good and you have the income to support both loans you should be ok - talk to a lender to find out for sure what you can qualify for.

Your other option is to sell the condo prior to purchasing a property up north.
1 vote
Shelley Hugh…, Agent, N Ft Myers 33903, FL
Tue Sep 4, 2012
You could do a lease with the option to purchase the condo and take 10% down with a monthly paymnt equal or greater to what a mtg payment would be and then you have tenants with the pride of ownership and you get a higher return on your investment. And in the worse case senario and they default you keek full deposit and monthy portion going toward closing in your pocket and do it again. I did this stratagy on my primary residents and it went through with the 2nd family. If you are interested in my help please do not hesitate to contact me at.
Shelley Hughes-Spradling

0 votes
Pam Wittenau…, Agent, Fort Myers, FL
Sun Jan 2, 2011
I have always looked at my accessed value of the home and what the home is worth now. The best investor advice is to always cover your holding fees, especially if your value of your property less than your mortgage. As Marge says, the ratios need to be in line.
Give me a call.
Pam Wittenauer
0 votes
Marge Bennett, Agent, Fort Myers, FL
Wed Jan 20, 2010
As long as you are keeping all your payments up and you have the income to cover both mortgages and your other expenses (got to have the right ratios), then it shouldn't be a problem. If you decide you would like to sell your condo, I would be happy to help you. Our office is in the same neighborhood.
Marge Bennett
Sellstate Achievers
Marge Works Harder... for YOU!!!
0 votes
Ben Faubert, Agent, Westerly, RI
Wed Jan 20, 2010
Talk to your lender. It really depends on affordablity
0 votes
Marc Comisar, Agent, Bonita Springs, FL
Thu Nov 5, 2009
You should speak to a lender and see where you stand. If you are making enough money and paying your other obligations you should be ok.
0 votes
Marge Bennett, Agent, Fort Myers, FL
Thu Nov 5, 2009
As long as you are making your payments on time and have the income to support both the new mortgage and the shortfall on your condo, I don't see why you would have a problem getting a mortgage. Use this year to get your credit scores up (they can never be too high) and your debts paid down.
Good Luck
0 votes
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