It depends on a lot of things. I have a few friends in the mortgage idustry that can give you a rundown of each possible scenario. Remember the lenders look at the following, credit score, debt to income ratio, and down payment amount to mortgage amount. If you are not selling your first home at all or if you are buying before selling, you will need to take out money from your first home to put down on your second home. Either way you are looking to either evetually refiance tis new home once the first home is sold or you are looking at a higher interest loan on what the back is considering a "second" home. Only one of the homes can be considered your main residence. Call me and I will get you a mortgage professional to give you a better "mortgage professional" answer. Thanks! my number is 610-812-6575 and I can be reached today anytime as I am stuck at home getting floors installed. Otherwise you can email me at email@example.com. Talk to you soon!
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