Posted by Wade on July 18, 2005 at 03:19:13:
Im in the heart of seattle, wa
Qualifying for a second mortgage - Posted by Wade
Posted by Wade on July 17, 2005 at 16:45:56:
How do banks determine if and how much they will lend to a couple who own and are paying on a primary mortage already? Here are the facts;
-Yearly income is 90k per year
-primary resdience was bought a year ago for 200k, on an 80/20HELOC, mortage is 1500 per month, if we refinance it will be 1200 per month.
-both of our school loans are 400 per month.
-credit scores are 700 and 730
The home were want to buy before we can sell our primary is 350,000K.
What can I do here yall to get the loan?
Wade
Re: Qualifying for a second mortgage - Posted by Devon Daughety
Posted by Devon Daughety on July 17, 2005 at 23:55:32:
What state are you in???
Re: Qualifying for a second mortgage - Posted by Brian Anderson
Posted by Brian Anderson on July 17, 2005 at 17:10:47:
Wade,
Give me a call to discuss. If you were to have a lease on your property, you would not have this issue. I’m assuming you intend to lease out your current property. If this is not the case, it will come down to your DTI (debt-to-income) for carrying the two primary residences.
Brian
Anderson Lending Group
678-783-0127