Move up: mortgage question

Asked by Jignesh, San Antonio, TX Mon Jun 24, 2013

I bought my primary residence in hills of shaenfield last January and closed in March end. My initial plan was to get started with first home then move up to location with excellent schools and best area of San Antonio.
As prices and interest rate going up so fast I think I would be better buying now vs later.
I am thinking that erlier we buy more saving in term of monthly housing payment.Considering I just bought house three months back would I be able get mortgage if I move up now vs later?
My DTI : 1200 debt / 7400 monthly income.
Liquid assets 33.5 k
Credit score:699

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Rita Parker’s answer
Rita Parker, Agent, San Antonio, TX
Mon Jun 24, 2013
You'll definitely need an experienced agent that can negotiate for you. In addition, I can refer you to loan officers that can assist you with the loan process if you need that as well. Call me directly at 210-912-3244 or email me at I look forward to hearing from you.
0 votes
, ,
Mon Jun 24, 2013
Generally speaking, "owner occupied" means that you will live in your home for 12 months, minimum. No one can give you legal advice on this forum though. Without a life event, such as a transfer, or increase in family size, you might have trouble making the case for a new loan so soon. Mortgage fraud through misrepresenting occupancy is rampant, and most lenders will be very cautious in a case such as yours.

Barbara Coker
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas!
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1 vote
Carlos Verdu…, , San Antonio, TX
Mon Jun 24, 2013
Hello, PNC Mortgage, a Division of PNC Bank, the 5th largest bank in the United States, has an office in San Antonio. We offer FHA, VA, Conventional and Jumbo loan products. If you would like to find out if you prequalify for a home loan, please call me at (210)-325-7631 mobile. A link to my website is listed below.
0 votes
, ,
Mon Jun 24, 2013
Good morning Jignesh,

I have to say that I agree with Barbara Coker. You'd have an extraordinarily difficult time getting approved for another owner-occupied mortgage at this stage. I'm sure there are Loan Originators who will waste your time saying they can get it done, but you are hearing from two veteran Loan Originators, Barbara and myself, that this will be a real challenge to accomplish.

Best to sit tight.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a "Thumbs Up" or "Best Answer." Thanks!
0 votes
Chuck Berry, Agent, San Antonio, TX
Mon Jun 24, 2013
You'll need to discuss this in depth with a mortgage professional. If you'd like to come into my office I'll arrange a conference with out in-house mortgage broker for you.

Please let me know if I can be of any further assistance!

"I'll Find You The House, You Make It A Home!"

Cornel "Chuck" Berry, REALTOR®, (USAF Retired),
Real Estate Consultant, Lic# 0615965,
Coldwell Banker D'Ann Harper, REALTORS®,
18756 Stone Oak Pkwy., Suite 101.
San Antonio, TX 78258.
Cell: (210) 683-1157
Direct: (210) 483-7552
Fax: (210) 483-4679
Web Page:

NOTE: Texas requires REALTORS furnish consumer friendly information about Brokerage Services - click on the link:

The best compliment to a REALTOR is a referral!
If you know anyone with a Real Estate need, whether buying or selling, anywhere in the world, I can help! Get a **$50.00** referral fee for each buyer/seller you send to me, paid at closing!
0 votes
Don Groff, Agent, Austin, TX
Mon Jun 24, 2013
Would you be selling this home you recently bought? If so you would have less issues. It sounds like that is your plan and if so I think you would be OK.

Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 |
websites: |
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0 votes
Terri Russo, Agent, San Antonio, TX
Mon Jun 24, 2013
Barbara is absolutely correct. Keep in touch and in first quarter of 2014 you can "move-up". In the meantime the best you could hope for is to purchace as a non-owner occupied with 20 percent downpayment.

Giveme a call to discuss if it seems like this is interesting to you. 210-385-0305

Terri Russo, Realtor
Home Team of America
0 votes
Sue Baillio, Agent, San Antonio, TX
Mon Jun 24, 2013
Your situation deserves good quality answers, but there are many areas that need to be further discussed. Because this information should be private, I suggest that you make direct contact with and agent who can ask more specific questions and guide you through this process.

I am happy to be of assistance to you, you may email me direct or call me at your convenience.

Thanks for your interest and great question!

0 votes
Gordon Deeri…, Agent, San Antonio, TX
Mon Jun 24, 2013
Call me [210-452-4808] and let's discuss. I can put you with a Lender at no cost to you to analyz your situation and help you sell present house [if your plan] and find the right home where you want it.
0 votes
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