Can I Get A 2nd Mortgage?

horsegoer

LoanSafe Member
Jul 8, 2009
33
1
8
we currently have a mortgage and live in the home. It has two mortgages as it was an 80/20 type of deal when we took it out in 2005. House is worth about $330k and we owe about that. We have never refinanced or took a loan against the house. We are current with our mortgage and always have been.

We would like to buy a new house in our neighborhood,we don't like the busy road we live on. The house has a legal apartment and we would also be able to rent the upstairs. This would cover our mortgage and leave us with an extra $200 per month.

We have about $15k for a down payment.
My credit is about 750 and wife about 710 our total cc debt is about 4k with about 20k available
I make $135k year and my wife about 35k.
The house we love is asking $270k.

Would we qualify? Thanks a lot
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,851
466
1,000
49
Southern California
www.loansafe.org
Hello,

I think you can definitely qualify for a 2nd mortgage if you rent your home out as an investment and buy the new one as your primary residence. The question is just how much down and how you would do this so you get a great mortgage with the best rates.?

I alerted the LoanSafe senior loan officer and manager, Erik Sandstrom with Caliber Home Loans to your question so he can answer you some specifics details about your question and also guidance to make sure you make the best decision for your home purchase.

Best of luck to you!
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,106
181
63
San Diego, California
www.loansreduced.com
Hi Horsegoer,
What we would look at when determining your eligibility would be a few factors, some of them you mentioned above.

With your income, credit scores and current obligations it looks like you would qualify without having to sell your current residence but without knowing your current mortgage obligation I wouldn't be able to determine that. The other factor would be how much your minimum monthly payments on your credit cards are. With that information I can calculate your debt-to-income ratio and see what programs you may fit into.

With the 17K that you have saved up, that's a little over 5% which conventional loans start at right now but in the next month they will have a 3% down payment option. That program is still being set up internally but guidelines have been released.

If you would like to go over more detailed information to obtain a pre-approval I would be happy to talk with you in more detail. Please feel free to reach out to me here: Er[email protected] or 619-379-8999. Looking forward to talking with you more.
 

Alex1372

LoanSafe Member
Apr 5, 2011
13
0
1
Can I get a Second Mortgage or Heloc with this Scenario:

Market Value last comparable: 215000 - 222000 (Last Sale June 2016) same unit.
1st Mortage Balance: 121000
Equity Aprox: $ 94000
Needed: $ 55000
Around 58%
For Home remodeling and Debt Consolidation

Fixed repayment length 15 - 18 Years

CLTV: 56%
FICO: 680-720
DTI: 43% - 45%
BK: 6 YEARS AGO
FC: NO
INCOME (GROSS): $ 81000
Job: 14 Years
Delinquency: No

Thanks

Please Advise
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,851
466
1,000
49
Southern California
www.loansafe.org
Hello,

I think that you would be might be a good candidate for a second mortgage/HELOC.

The only thing that concerns me is your current debt to income ratio being at 43-45% already.

You might want to consider a first mortgage cash our refinance. What is your current interest rate on your mortgage?
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,106
181
63
San Diego, California
www.loansreduced.com
Hi Alex132,
There's only a select few HELOC lenders out there and they're typically really strict on credit score and prior derogatory events. As Moe mentioned it may be more beneficial to do a cash out refinance.

I love how you spelled out exactly your scenario/situation in detail by the way. You didn't leave much out when asking. I may have a second lien option to point you to or let you know what a cash out option would look like. Feel free to shoot me an e-mail at [email protected]
 
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James Perkins

LoanSafe Member
Jul 13, 2017
1
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You will qualify for the mortgage. You have the perfect scores. All you need to do is better your Debt to Income Ratio, and you are good to go. have chat with a finance advisor face-to-face. That will be much better.
 

AlyssaGarcia

LoanSafe Member
Jul 30, 2017
4
0
1
32
Apart from your credit score, there will be other factors that will affect your loan approval as well. But, yes you seem to be financially stable and hence there are very good chances of your loan being approved.