Job transfer, need to buy new home but already have mortgage

Guest 0.10 Dollars($)

Job transfer, need to buy new home but already have mortgage... I was curious what the process is if we just found out we are moving because of a job transfer to a city about 2 hours away but need to buy a home in that city while selling our current home. How do you get a 2nd mortgage? We have a fair credit rating due to so many credit cards but it was good before the credit cards. Do we just need to go through our current mortgage leander or do most people have to sell first? HELP! We cannot be homeless!!!

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Guest. Welcome to the forum.

How good your credit is and how much do you earn. I think you should first sell your property to reduce the DTI ratio and for the time being rent out a house.

If you don't sell your current property can you afford the two mortgage payments together?

Best of luck,
Larry

gmakerley · Posted: Wed Aug 13, 2008 7:46 am Post subject:

obtaining a new mortgage will, in large part, be impacted by what will happen with your current home. if you can sell your home concurrently with the purchase of a new home, you'll not have much trouble in qualifying (assuming all else is favorable).

if you're unable to sell the home, but can find a tenant who'll rent from you; that might be the solution you need. of course, you don't want to let that property sit vacant when you move, unless your sale will take place shortly after the move.

the largest problem you're likely to face is actually affordability; if your current home isn't sold prior to the new purchase, you'll have to qualify for the new loan with both mortgages being considered in your monthly obligations. that could be problematic, of course.

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