Several questions please read below.

Asked by Tracy, 43223 Mon Jan 10, 2011

I currently own a house in Ohio. I am moving down to San Antonio for a promotion. I would like to sell my home here first before I buy. I am concerned that a lender will not consider my promotion salary and that I already have a loan.I have outstanding credit and have lived in my house over 12 years. My other concerns are that I have 3 cats and a Shitzu and need a home that allows them. Also is this property one that you can rent and then own?

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Jason Campbe…, Agent, San Antonio, TX
Wed Jan 19, 2011
As much as I hate to disagree with other agents... I have been a loan officer and a Realtor for 15 years now..

The honest answer is.. we do business with lenders that will base your income on your first paystub. You won't have to season your income for 90 days. This assumes you are getting a new loan on a purchase property in San Antonio. I will agree on other points though... It's always good to have your current home either leased out, or sold before you go and buy another one... so you don't end up with 2 homes, and having to eat at McDonalds every day.

As for Landlords... they are a litte more lax when you have great credit and you can prove your income...

The property on 9250 Cedar Point has already been rented. But there are plenty of rentals out there that have no problems with pets provided you are ok with the deposit and other terms.

I'm not a big fan of "Rent to Own" for oh so many reasons... and there are not enough characters left to explain why...

You are in good shape... Your income from the promotion will help you in your qualifications for a new loan... and the market in San Antonio IS AWESOME for buyers right now!! Rates are super low, sellers are being very generous, and there are a ton of homes to choose from. If you need some help, feel free to call or e-mail me, and I would be more than happy to send you a list of rentals as well as purchase properties that fit what you are looking for.
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John King, Agent, Helotes, TX
Tue Jan 11, 2011
Hi Tracy,
Congratulations on the promotion!

You are right about everything so far. The additional pay usually has to be seasoned, 90 days at the new rate of pay before most lenders will consider it.

And even if you could get a loan for the 2nd home here in San Antonio, I'd recommend holding off on that for just now. The first reason is obvious, it's no fun having two mortgages and two properties to maintain.

The second, rent in an area you think you'd like to live. Sort of like a test drive. That will give you time to scope out areas in person and buy when you find the right home for you, not just the home for right now!

In regards to rentals, some do limit pets, some don't. Find an agent that does rentals as well, and have them go to work for you finding the right place. Make sure they represent you though, and not just calling 100 different listing agents. By getting a good Tenant Rep., you'll only have to explain your needs and concerns ONCE. Not with each phone call the old fashioned way.

Buying a "Rent to Own", usually is more pricey than just buying outright, and it puts your money at risk unneccesarily. Here in Texas, they do happen, but most agents won't touch them due to the complexity and risk. Our forms won't even cover them, they have to be drafted by an attorney. SIn today's market, I'd wait until you're ready to buy, then do it the right way.

Welcome to Texas!!
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Bruce Lynn, Agent, Coppell, TX
Tue Jan 11, 2011
You are on the right track with all concerns and questions.

Best in my opinion to sell first, then buy.
You can't control lenders and their requirements.
Keep you credit in order and always more salary helps.
3cats and a dog in a rental home can be a cuts out most of the homes around here, but not all.
Look at the homes that allow pets, and then offer to pay extra deposit.
I would not focus on homes that say rent to own, or lease to own. These are often scams.
It is always possible to make the owner an offer if you are ready to buy. Doesn't mean they have to take it,
but I've seen it happen plenty of times.
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