I own an investment property in Florida. Can I qualify for a house here in NY?

Asked by Redlight, Commack, NY Wed Mar 6, 2013

This would be my main house.

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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Wed Mar 6, 2013
You can qualify for a mortgage as long as your income is enough to take on your existing liabilities, including the mortgage payment along with taxes and insurance on your investment property (assuming you have one), and the proposed mortgage payment on your new house.

Hopefully you're claiming any rental income you receive from the investment property on your tax returns. If you have a mortgage on the Florida house and you do not report the rental income, you might run I to a problem, unless you have a high enough income to absorb it all.

If you need a Loan Officer, I'm always available to meet face-to-face. Good luck!

Sandra, even though your lender already looked at your credit and issue a pre-approval, it doesn't mean your new auto loan is going to fly under the radar. First, the credit that was initially pulled is good for 90 days, so of for whatever reason you don't find a house, go into contract, submit a mortgage application along with all necessary documents AND close by the time 90 days are up, THEY WILL PULL ANOTHER CREDIT REPORT. Even if you do close within the 90 days, most lenders will run a comparison report which serves the sole purpose of seeing if you took on any new debt.

We don't know the details of your financial situation. Generally taking on a new auto loan can have a negative affect on your chances of getting a mortgage. But it's very possible that you don't have much or any liabilities and you can indeed take on modest auto loan. This is something you should speak to your loan officer about. Your Loan Officer can run the numbers and instantly know how much auto loan you can take on, if any, and still qualify for your mortgage.

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648
2 votes
allan erps,A…, Agent, Pearl River, NY
Wed Mar 6, 2013
If Income, debt ratio & documentation support qualifying for a loan, absolutely! In addition with supporting proof, the income from Florida house can be used as well. Best of Luck!!
0 votes
William Rugen, Agent, Holbrook, NY
Wed Mar 6, 2013
What specifically do you mean by "qualify"? You won't be able to qualify for first time home buyer grants but you should be able to qualify for the STAR Exemption which will give you some savings on your property taxes.
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