Buying a new home 30 days after refiancing current primary residence

Hi Ron, thanks for the question. Congrats on the savings, that's great! There are a few key items to look into when purchasing a new primary residence after you've refinanced your existing home loan. Generally a solid letter of explanation will work but it really depends on the lender you're dealing with. I would be happy to take a look at your situation more in detail and help you find a solution to buying that home. Please message me if interested and feel free to check us out online. Thanks. Sam

It's all about intent.. If your intent was to refinance and stay there, then all of a sudden, things change, then so be it.. You will need a good motivation letter to the underwriter, but you should not have a problem.. But why guess?.. contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Here's your problem. "We have been house hunting for 3+ years..." Telling the new lender that you are staying in this home as your primary residence and then up and moving before having retained it as your primary residence is a form of fraud, especially in light of your admission. We are aware of banks sending out "Mystery shoppers" to knock on doors to determine compliance with occupancy declarations. My advice would be to hold off for at least 8-10 months before making the move so you don't end up being one of those "Examples" that gets prosecuted. If you are serious and you can afford both payments, buy it as a rental, and then make your move far enough down the road to be able to show that you did retain occupancy in your current home as required by the occupancy affidavit ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

How much equity do you have in your home?

You should be able to purchase the new property. However, I would need more information to steer you in the right direction. The equity in your current home is a factor as well as your ablity to carry both mortgages if you do not have 30% equity in cirrent home. As far as your new purchase an FHA mortgage will treat this situation differently than a Conventional mortgage. The FHA would just require a letter of explanation for the refinance. For a Conventional loan, you would have to show just cause for the move. In addition, with a conventional loan, you could avoid any issues at all by putting 25% down. this would allow you to purchase your new home as an investment property. Good Luck!