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2 Bumps

Is it possiable to buy a new house when you have a mortgage?

 
AmberNicoley

Asked by AmberNicoley at 2:28 AM on Jul. 13, 2011 in Money & Work

Level 10 (442 Credits)
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Answers (8)
  • Proabably like buying a car so i would think yes.. but i will give you a bump for people who know better than I.
    jenni_j

    Answer by jenni_j at 2:31 AM on Jul. 13, 2011

  • It is, but it all depends on your debt to income ratio and credit score. If you are renting out one of the houses that definitely helps.
    HollyBoBolly

    Answer by HollyBoBolly at 2:35 AM on Jul. 13, 2011

  • Thank you!
    AmberNicoley

    Comment by AmberNicoley (original poster) at 2:34 AM on Jul. 13, 2011

  • Sure, as long as you have the money or qualify for another mortgage
    rkoloms

    Answer by rkoloms at 5:01 AM on Jul. 13, 2011

  • Sure can if you find the right lender to give that mortgage and meet all their qualifications. 

    musicmom08

    Answer by musicmom08 at 7:58 AM on Jul. 13, 2011

  • Of course you can. You can have many mortgages as long as your debt to income ratio's are in order and your credit is good. You may be required to put more down for an additional mortgage. We have a home/mortgage but we had to move to another state. Our ratio is good and credit excellent so we are looking for a new home to buy. Our lender does NOT allow us to use the rent money from the other home in our ratio though...because we have been receiving it for less than a year.
    yourspecialkid

    Answer by yourspecialkid at 11:03 AM on Jul. 13, 2011

  • Yes, as long as you're making enough money, have good credit, and have enough of a down payment. Most companies are requiring 20% on a second (or third or whatever) residence. If it's a rental property, that's pretty much set in stone, and you can't include your rental income when you are applying for another mortgage.
    JulieJacobKyle

    Answer by JulieJacobKyle at 1:28 PM on Jul. 13, 2011

  • Depends on your income and money available for a down.
    tasches

    Answer by tasches at 2:57 PM on Jul. 13, 2011

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