Second Home Mortgage

Anonymous · ‎07-10-2008

My husband and I want to refinance our existing home that is on an ARM that is due this November. We want to rent this house, and then purchase another home in Tampa, FL where we are being relocated. We only owe 139K on this house, and would look to purchase our new home under 350K. Would we qualify for another mortgage if they are within 3-6 months apart? My husband's Fico scores are in the high 700's and low 800's, and we owe less than 2K on CC. We have never down this before, but are reluctant to refi this house, only to find out that we can't get another mortgage. We have little, to no debt other than our house, and my Husband makes approx 120K+ per year. We are also able to put down 20% on our new home, and my husband has been with his company for 28 years. Any advice?

Message Edited by Jaxkiwi on 07-10-2008 02:39 PM

DallasLoanGuy · ‎07-10-2008

Jaxkiwi wrote:
My husband and I want to refinance our existing home that is on an ARM that is due this November. We want to rent this house, and then purchase another home in Tampa, FL where we are being relocated. then you couldn't honestly answer that this home will be a primary residence. We only owe 139K on this house what is it worth?, and would look to purchase our new home under 350K. Would we qualify for another mortgage if they are within 3-6 months apart? loaded question.... see my first comment My husband's Fico scores are in the high 700's and low 800's, and we owe less than 2K on CC. We have never down this before, but are reluctant to refi this house, only to find out that we can't get another mortgage. We have little, to no debt other than our house, and my Husband makes approx 120K+ per year. We are also able to put down 20% on our new home, and my husband has been with his company for 28 years. Any advice? be careful

Message Edited by Jaxkiwi on 07-10-2008 02:39 PM

Retired Lender

Anonymous · ‎07-11-2008

What impact does refi a home that is not your primary residence, and at the time of refinancing it would be our Primary. In todays market, and looking at the comps the house would move at 359K.

DallasLoanGuy · ‎07-12-2008

Jaxkiwi wrote:
What impact does refi a home that is not your primary residence it would be an investment property. tighter guidelines, and at the time of refinancing it would be our Primary "do you plan on occupying the property as your primary residence?" <= that is a question on the loan ap. if you say yes, you will be committing mortgage fraud. In todays market, and looking at the comps the house would move at 359K.

Retired Lender