LSUGUMBO New Orleans Saints Fan Shreveport, LA Member since Sep 2005 3851 posts
re: 2nd Home purchase (Posted on 10/3/12 at 6:29 am to GVT)
If the bank will approve you for the second loan before the first is paid off, then sure. Can you afford both notes if something happens and the first one doesn't sell? That's probably the biggest issue if you get approved for both.
Breadcrumbs LSU Fan Baton Rouge Member since May 2005 2808 posts
re: 2nd Home purchase (Posted on 10/3/12 at 9:27 am to GVT)
a lender told me not to refinance my present residence which I plan to convert to a rental eventually or else I wouldn't be able to get another primary loan for 12 months.
blacykaty LSU Fan Katy, Texas Member since Nov 2009 278 posts
re: 2nd Home purchase (Posted on 10/4/12 at 12:34 pm to GVT)
Yes. Generally minimum 10% down on 2nd homes, although some investors will allow 5% down. Should not be a problem if you have your present primary home listed.
Online