Home Buying in Seattle>Question Details

daniellewitt6, Home Buyer in Seattle, WA

My husband purchased a home before we were married & now we are renting it. We are relocating to Seattle and want to buy another home. Can I?

Asked by daniellewitt6, Seattle, WA Sun Dec 2, 2012

buy it?

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The answer to your question, "Can I" is simply yes. But Karen is eluding to your tax break/ ownership status. Which is your primary residence/ investment etc. and she is right you should consult your CPA If you don't have one try http://www.markertcpa.com/

The rest is up to you and your fiances, can you afford both? Make sure you are throwing positive cash on the rental. It will help you in the long run.
0 votes Thank Flag Link Fri Dec 28, 2012
Hi daniellewitt6,

The best answer to your question will be from your own CPA. In general, if you and / or your husband have rented out the home for a year, it is now an investment property and you will want to make sure you are handling it as a business, tracking the income, expenses and depreciation. Once you own a business, it is very wise to make sure you are using a CPA that is familiar with the real estate investment business.

I'm wondering if your question is about whether or not you can get a loan to buy a "second residence" or a "personal residence", now that you own a rental. Legally, you can own many properties. The answer has to do with your financial qualifications. If you have never been a landlord before, you need to show a year of landlord history for the mortgage on the investment property not to fully count in your qualifying ratios.

Then, there's the issue of whether or not your husband kept the real estate as his "separate estate".
I can recommend a Seattle area CPA and an excellent mortgage planner to help you gain clarity on your next steps.

You can contact me through my web site, http://www.karenmcknight.com .

Warm Regards,
0 votes Thank Flag Link Mon Dec 3, 2012
Yes, you can buy a 2nd home, or even a third home. It all depends on your financial qualifications. Lending rules have changed since the mortgage crisis, so your first step should be getting in touch with your banker or mortgage broker. They'll review your credit and financial information at no obligation and tell you if you qualify to purchase a 2nd home. Home prices are rising in Seattle, and the supply of home is tight, so I urge your to get started today. Good luck.
0 votes Thank Flag Link Mon Dec 3, 2012
Depending on how long your husband has been renting the home this can play an important consideration. If he has had consistent rental payments for 2 years, than part not all (70-75%) of the rental income can be considered, and will increase what you qualify for. If the home has not been rented for 2 years, then you must qualify making the payments on both properties, which could affect how much "new" home you can buy.

I would also give you this additional advise. I would also make a suggestion beyond what others have said. If I were your buyers agent, I would insist that your loan become pre-approved by going through the underwriting process. It may take an extra week (outside the standard--yes your good), but with underwriting being a little picky, you will avoid any last minute gotchas or questions on your tax filings of the rental.. If something is of a concern, you can address it before you start looking. Can you tell the voice of experience here!

I hope that I have expanded on some of the answers listed below. Should you have any additional questions, please feel free to contact. Always happy to help.

Welcome to the area.. Your gonna love it..
0 votes Thank Flag Link Mon Dec 3, 2012

As long as you qualify, you for sure can do that & I help people do that all the time. I am both a loan officer & a real estate broker & would love to help you figure out what you can do. Please get a hold of me directly & I will go through the scenarios & numbers with you.

Good luck to you in any case,
Jirius Isaac
Isaac Real Estate Team
Champions Real Estate Services
TriStar Finance #MLO-107799
Office: 425-483-6849 Cell: 206-841-9976
Winner of Seattle Magazines 5 Star
Real Estate Agent Best in Client Satisfaction Award
Mortgage Loan Originator Best in Client Satisfaction
0 votes Thank Flag Link Sun Dec 2, 2012
Of course you can. Normally, when you buy a home, your loan documents say that you will live there at least 12 months. If the move and the marriage were not in the cards at the time of purchase, they will understand. It is time to qualify with a lender in Seattle for a new primary residence. Let me know if you would like some referrals. I can also assist you with short term housing suggestions.
Web Reference: http://ww.barbkorducki.com
0 votes Thank Flag Link Sun Dec 2, 2012
It depends on your financial situation.

Do you rally want to share that information on the internet?
0 votes Thank Flag Link Sun Dec 2, 2012
You certainly can own and rent out one home while owning and living in another, as long as a lender approves your financing (or of course, if you pay cash). If this does not answer your question fully, please feel free to contact me.
0 votes Thank Flag Link Sun Dec 2, 2012
Hello Danielle,

Welcome to Seattle. You should be able to purchase regardless if you or husband already own a home. The amount or purchase price will be based on a few factors such as income, credit worthiness, debt ratio and down payment. There are a couple of other equations so I would recommend that you speak with a qualified loan officer or mortgage banker. I would be happy to refer you a few. If you have any additional questions, please do not hesitate to give me a call or visit our website. Once again, welcome!
0 votes Thank Flag Link Sun Dec 2, 2012
Your best option will be get in touch with a mortgage broker, they have access to many banks, private lenders and many different programs. Choose one that can answer all your questions in the first meeting and give at least two financial options.

Best of Luck,

Maria Cipollone

Century 21 Tenace

0 votes Thank Flag Link Sun Dec 2, 2012
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