Posted by paul on April 27, 2005 at 13:12:04:
Eric, the biggest impact you should expect is your increase in your debt to income ratio. You may not see the new loan on your credit report, but you will still have to disclose the additional debt on your application. Considering the new ratio isn’t below a bank’ requirements you should have no trouble purchasing your new property.
1st and 2nd Purchase??? - Posted by Eric
Posted by Eric on April 27, 2005 at 11:49:25:
I have just closed on my first condo 1 week ago, I plan to rent it out and buy a second condo as primary and homestead. How does this recent purchase effect my ability to purchase a new condo within 30 days?? Will this recent purchase even be posted on my credit?? What is the best way to pursue a new property?
Re: 1st and 2nd Purchase??? - Posted by john
Posted by john on April 27, 2005 at 22:41:04:
You will have to disclose this on your next loan application. DTI might be a problem unless you can get a lease with good cash flow to offset the payment. Otherwise you might have to go with a no-ratio loan. It will be about 1/4 point more in interest rate but doable if you have a decent score.