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Can I get a mortgage

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prestonschrader Joined: 26 Oct 2010 Posts: 1 1.32 Dollars($)	Posted: Tue Oct 26, 2010 9:16 am    Post subject: Can I get a mortgage Like 0 Dislike 0 I have relocated to New Jersey due to a job move. My home in Arizona is for sale...a short sale. I am looking at a home in New Jersey selling for $420000. I have $300000 to put down and am looking to finance approx. $120000. I have an annual income of about $90,000 and have had excellent credit until this short sale.
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Wed Oct 27, 2010 3:12 am    Post subject: Like 0 Dislike 0 Hi prestonschrader, As you already have a mortgage in your name, it will be a bit difficult for you to qualify for a mortgage. Nevertheless, you should contact the local lenders and apply for a mortgage. If you've a good credit score and income, you may get the mortgage, though you have a loan on another property. Thanks, Jerry
Guest	Posted: Wed Oct 27, 2010 11:35 am    Post subject: Like 0 Dislike 0 Hi prestonschrader, Did you consider renting out your home AZ instead of doing a short sale? A short sale can have serious, long lasting affects on your credit report as well as tax consequences. If you have not been delinquent on the mortgage payment on the home in AZ you may have a decent chance of getting approved on an FHA loan. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant

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