i bought a house 7 months ago as primary residence, i want to move out and rent it. In the mean time purchase

Asked by Nathan, Bedford, TX Tue Dec 16, 2008

i bought a house 7 months ago as primary residence, i want to move out and rent it. In the mean time purchase another house as my primary and move in to it? is that possible?

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Veethim, Home Seller, Cleveland, OH
Wed Jan 8, 2014
Yes, it is possible, but you need a some extra effort. Check market value for purchase another house or wait until the local market gets better.
0 votes
Elizabeth Ne…, , Phoenixville, PA
Thu Apr 8, 2010
Hi Nathan,

One of the benefits of working with a Howard Hanna agent is that I can offer you one-stop shopping. I'll help you find the new home you're looking for and get you started with our in-house mortgage department. There are a number of different mortgages vehicles available and our experts can put you in touch with the one that's right for you.

When it's time to close, our in-house title department makes that part of the process a breeze.
You can call me directly at 330-687-4394 to get started with the process.

Hope this helps!
Elizabeth (Beth) Newcomb
0 votes
John Wirsing, Agent, Pepper Pike, OH
Tue Dec 16, 2008
Hi Nathan,
The easy answer is -YES!
As a Cleveland realtor (our offices are on Chagrin at the corner of Brainard & Chagrin), I see daily the fantastic opportunities that are out there for buyers!
If you will need a mortgage to buy the second home, the question will come in on your ability to qualify for the loan to swing these mortgages.
My best advise is to give me a call at 440-487-2193 or e-mail me at jwirsing@kw.com. You could visit my website at http://www.CallRealtorJohn.com.
I would be happy to put you in touch with mortgage brokers that I work with who can answer all of your questions on the intracies of what it sounds like you are attempting to accomplish.
Please give me a call.
0 votes
Luke Allison, , Asheville, NC
Tue Dec 16, 2008
Yes, this is possible but you need to have at least 25% equity in your current home if you need to use the rental income to qualify for a new mortgage. If you can afford both mortgage without the rental income then you should be okay.

The only snag you may hit is the underwriter to believe that you intend to live in the new home. Be prepared to write a good letter of explanation about that.
Call me if I can help.
Luke Allison
Flagstar Bank
0 votes
Lexie Longst…, Agent, Charlotte, NC
Tue Dec 16, 2008
It maybe harder than you think. There are new rules out there called "Buy and Bail" rules. Home buyers who have not been able to sell their existing home, and want a new home, say they are going to rent the First home and then let it go into foreclosure. To prevent this, lenders are requiring you to have up to 6 months of PITI for both houses in an account. Have over 20% or 30% equity in the first home. And there are a few other requirements... high credit scores.
You need to contact your mortgage broker and ask them if you will run up against these requirements and if you can meet them.
0 votes
Bill Eckler, Agent, Venice, FL
Tue Dec 16, 2008
Our recommendation is to be in touch with a mortgge specialist to determine if your credit and income will support this plan.

Good luck
0 votes
laurie cass, Agent, Atlanta, GA
Tue Dec 16, 2008
Yes that is possible but my understanding is that you now have to qualify for both mortgages even if you are receiving rent income on one of the residences.
0 votes
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