Home Buying in Brooklyn>Question Details

Lorane forre…, Home Buyer in Dallas, TX

is there a time limit on when a bank will give you a 2nd mortgage, I purchased a condo last year.will like to buy another this yr.?

Asked by Lorane forrester TOBAS, Dallas, TX Sat Jan 4, 2014

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6
It really depends on whether you can carry another mortgage along with all your other debts (if any). If you can, then we need to determine how to structure the deal based on how you intend ti utilize the property i.e. primary, vacation or investment.

Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Bart and I have been in the mortgage business since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario.

Until then, I look forward to hearing from you.

Bart Gabe

http://www.bartprequalifies.com

bart@bartprequalifes.com

800 315 8803



NMLS# 20743 - my licensing information

http://www.nmlsconsumeraccess.org/ - link to look up my license number
0 votes Thank Flag Link Mon Jan 6, 2014
Both responses below are incorrect. You do not HAVE to buy the new unit as an investment if it's been less than 12 months between the time you've purchased the 1st one and the time you buy the new unit. It's about what you're actually going to do with the unit and what can be documented, aside from qualifying of course. Also, even if you were to buy it as an investment, you do not need 25-30% down payment. If the current unit will be rented out and you'll be occupying the new one, the lender will also allow for additional monthly income which comes from 75% of the monthly rental value of the unit that will be rented out.

I strongly suggest you speak with an experienced Loan Officer and get the correct answers.
0 votes Thank Flag Link Sun Jan 5, 2014
If you are looking to purchase another condo it will be considered an investment so you will have to put down 25-30%. The bank will again check your expenses, credit and definitely your income and how it compares to the mortgage you have now and adding on another condo. The good thing is if the second condo is an investment so the bank will take in consideration that you will have an income from the condo and this will better your chances of getting a second mortgage.

If you have any other questions or need assistance with your purchase feel free to contact me.
0 votes Thank Flag Link Sun Jan 5, 2014
If you purchased present condo 12 months ago as a primary home then you can get a mortgage to buy another property as primary home, meaning you are going to live in it. Before the 12 months of purchase of present condo you can buy property as an investment. There are different down payment requirements, income and assets requirements depending on what the occupancy of new property and the type of property, whether coop, condo, one or multi family property. I urge you to contact me or other mortgage professionals to have a sound plan before moving forward with confidence.

Thanks

Sanjeev Ahuja, NMLS #148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
0 votes Thank Flag Link Sun Jan 5, 2014
Not necessarily a limit. It's a matter of you qualifying. If you're buying a 2nd condo, will it be an investment unit? Will you occupy the 2nd unit and rent out the one you currently have? It's a matter of a lender checking everything out and pre-approving you for the 2nd purchase.

I would always recommend that you meet with a lender sooner rather than later. If for whatever reason you do not qualify, a Loan Officer can tell you if there is anything that can be done so that you do qualify. Maybe it means eliminating debt, or the need of a co-borrower, etc. So the earliest you learn of this, the better.

I'm always available to to meet face-to-face and help you through this, if you need a lender. Feel free to email or call me anytime. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Sat Jan 4, 2014
That depends on your income. Can you
Afford a second mtg or must you sell first?
You need to check with the bank
0 votes Thank Flag Link Sat Jan 4, 2014
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