2nd Home purchase | TigerDroppings.com

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GVT
LA-Lafayette Fan
Youngsville
Member since Jan 2004
305 posts

2nd Home purchase


Is it possible to purchase a 2nd primary residence while you have your current home listed?






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LSUGUMBO
New Orleans Saints Fan
Shreveport, LA
Member since Sep 2005
4910 posts

re: 2nd Home purchase


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.





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Pilot Tiger
Georgetown Fan
Washington DC
Member since Nov 2005
60860 posts
 Online 

re: 2nd Home purchase


quote:

Is it possible to purchase a 2nd primary residence while you have your current home listed?
yea if you put a contingency clause in the 2nd house contract






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Breadcrumbs
LSU Fan
Baton Rouge
Member since May 2005
2864 posts

re: 2nd Home purchase


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.





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TigerGrl73
LSU Fan
Lafayette Square
Member since Jan 2004
19647 posts

re: 2nd Home purchase


We had no issue with it. Purchased second place while other was still on the market. Had two mortgages for about 6 months.





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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1963 posts

re: 2nd Home purchase


your lender is not that smart





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blacykaty
LSU Fan
Katy, Texas
Member since Nov 2009
325 posts

re: 2nd Home purchase


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.






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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1963 posts

re: 2nd Home purchase


you can buy a second home with 5% down. it needs to be at least 40miles from your current home.





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