Getting approved for a mortgage without selling current

[sailorgray]

We are going to see that house I posted about tomorrow.  I may be putting the horse before the cart or whatever that saying is, but there's a chance we may want to put in an offer. It's a foreclosure.  We'd get our house on the market ASAP, but we would need to get a loan for the new place while still owning or current home. Has anyone had success with this? We coud do both mortgages, but it would be tight. I'd love to hear your stories! Thanks!

[Deleted]

We just did this and it was pretty simple actually. The debt to income ratio had to be under a certain threshold and we weren't allowed to count any anticipated rental income. I don't remember the ratio but both our mortgages combined are 2.33 times our HHI. Good luck!

[kaylie]

I haven't done this, but I know it's possible.  I used an awesome mortgage guy and I'm in the same region as you. We really liked working with him and he was good about explaining the different loan requirements. Let me know if you want his info and I'll PM it to you. He did our pre-approval really quickly.

[sailorgray]

Dec 27, 2013 13:39:49 GMT -5 kaylie said:

I haven't done this, but I know it's possible.  I used an awesome mortgage guy and I'm in the same region as you. We really liked working with him and he was good about explaining the different loan requirements. Let me know if you want his info and I'll PM it to you. He did our pre-approval really quickly.

Yes, Kaylie, that would be awesome! Thanks!!

[boiler717]

Yes, it doesn't matter of it's one bigger mortgage or two smaller ones as long as the debt to incomes are okay.

[downtoearth]

We did this...bought a new house in a different state while still owning/owing on our first house in another state. It was scarily easy and this was just in 2011 and both houses are only in my name/credit - not even two of us.

[sailorgray]

Thanks, ladies!

[treschic]

We did this, debt to income ratio had to be below 36%.

[sjh722]

Everyone else covered it. :-) Good luck!

[auntie]

We did when our first house was destroyed in a flood.

But we only owed $10K on the original mortgage.

[sailorgray]

Thanks ladies. The house was a bust. Great place, but the mold and water was out of control. My h had to take a Claritin...lol.

[starlily]

We did this. Obviously still carrying a mortgage on our condo reduced the amount we would otherwise qualify for on a new house, but other than that it was a routine loan process.

I believe there are new debt-to-income ratio rules that go into effect in early January, so you might want to get started asap.