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2nd Home purchase
Posted on 10/3/12 at 4:42 am
Posted on 10/3/12 at 4:42 am
Is it possible to purchase a 2nd primary residence while you have your current home listed?
6
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.
Posted on 10/3/12 at 8:44 am to GVT
quote:yea if you put a contingency clause in the 2nd house contract
Is it possible to purchase a 2nd primary residence while you have your current home listed?
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.
Posted on 10/3/12 at 9:34 am to GVT
We had no issue with it. Purchased second place while other was still on the market. Had two mortgages for about 6 months.
Posted on 10/3/12 at 10:43 am to Breadcrumbs
your lender is not that smart
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.
Posted on 10/4/12 at 1:33 pm to GVT
you can buy a second home with 5% down. it needs to be at least 40miles from your current home.
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