Here is my situation. I've owned my current home for almost 15 years. It's worth about $200k, and I owe about $80k on the mortgage. The payment is about $1000 per month.
As with the rest of the housing market,houses near the beach have drastically fallen in price to about 40% less than just two years ago. I've found my 'dream beach house' currently being offered at $429k which has been on the market sitting empty since November. I have $30k saved for a downpayment, and would like to make any offer of around $410k for this home and making it my primary residence. The issue is that I would also like to keep my current house to either just enjoy or eventually rent out, but don't want to sell it any time soon. Other than the $1000 mortgage payment, the only other debt I have is $500 car payment, and no credit card debts or loans(all have been paid off). My FICOs are currently 690, 692, and 717. My current salary is around $130k.
Will it be hard to get approved for a new mortgage, and what do I tell the lender about my plans for my current home, i.e should I tell them I'm going to sell or rent it, or the truth which is that I simply just want to have two houses that are 50 miles apart.
Thanks!
