Chrystal Que…, Home Buyer in Pittsburgh, PA

Looking to purchase a second home

Asked by Chrystal Queen, Pittsburgh, PA Thu Jan 24, 2013

Looking to purchase a second home to use has my primary resident. Currently, I've been renting out my house for about 10 months and living in a apartment. What loans do I qualify for? Is a FHA loan possible???

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Greg Myers, Agent, Gaitherburg, MD
Fri Jan 25, 2013
Chrystal,

The FHA loan is likely not possible. You would have to qualify for both the new mortage and your rental home since you only have a 10 month rental history. VA ( Veterans Affiairs) will allow a current lease and rental income not to be counted against the VA mortgage applicant.

You primary mortgage option is conventional unless you sell your rental home.
0 votes
Im not a veteran so would a VA mortgage apply to me? Also, I rented my house in 2010 (for a year) moved in back 2011 and rented again for 2012
Flag Mon Jan 28, 2013
Thank you Greg
Flag Mon Jan 28, 2013
Ariana Loucas, Agent, National Harbor, MD
Fri Jan 25, 2013
Dear Chrystal,
Buying a home now is a perfect time with rates and pricing low. If it helps, I have a background in mortgage, before being a REALTOR. Feel free to call me directly and I can help answer questions about FHA, and homes that qualify for FHA and more. I cater to the DC Metro market as a REALTOR.
Regards,
Ariana Loucas RE/MAX
http://www.findhousesdcmetro.com
0 votes
KEITH PARKER, Agent, UPPER MARLBORO, MD
Fri Jan 25, 2013
Hello Chrystal . As stated it depends on what your current mortgage type is on your rental. There are numerous programs available that may work for you. A lender would have specialized knowledge in this area. If you need a referral let me know. If you need a realtor I would be more than happy to assist you.
0 votes
Greg Myers, Agent, Gaitherburg, MD
Thu Jan 24, 2013
Having enough housing inventory under $350K is already a problem and will continue until July. Many buyers coming out late spring will have wished they had started their search much earlier.

Greg Myers
RE/MAX Realty Group
0 votes
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Thu Jan 24, 2013
There's NO doubt the secret is out that it's a good time to buy a home. At least it is around the DMV.
0 votes
Greg Myers, Agent, Gaitherburg, MD
Thu Jan 24, 2013
It is busy and it's only January.

Greg
0 votes
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Thu Jan 24, 2013
LOL Yep busy day but always have time to answer questions.
0 votes
Greg Myers, Agent, Gaitherburg, MD
Thu Jan 24, 2013
Brent,

I was waiting for you to answer this posted question.

Greg
0 votes
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Thu Jan 24, 2013
Chrystal, is the home you own now currently an FHA loan? Like Akil said 5% down is fine if its a primary residence. You generally can't have two FHA loans at the same time but there are exceptions to the rule. We need a bit more info to give you accurate answers. Let me know if you have any questions for me.

Thanks,
Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
0 votes
First loan is conventional
Flag Fri Jan 25, 2013
Akil Walker, Agent, Upper Marlboro, MD
Thu Jan 24, 2013
Hi Chrsttal,


You might be eligible for a FHA loan depending upon your financing. if you need a referral to a loan officer let me know. if you 5% you might be able to do conventional loan.
0 votes
My first loan is a conventional loan. I was looking for 3% down
Flag Fri Jan 25, 2013
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