I'm an immigrant planning to sell my current home and move, what are my chances of getting a new loan?
I’m an immigrant to the USA and I don’t know much about the mortgage system here so I decided to ask for some input here. I have a 30 year FHA loan with BoFa. If I sell my home and move somewhere else, will the fact that I previously owned a house make the chances of me getting another loan higher or will it not matter at all? by cyrusdj523 from Discovery Bay, California. Jul 1st 2022
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
It certainly will help in qualifying for a new loan, but the amount of your new loan is not likely to be influenced simply because you had a previous loan. The amount of your new loan is most likely to be driven by the amount of your income and debt load, more than anything else. To know for sure, Start the pre-approval process early to see what you qualify for and if you want a higher loan amount, what you need to do to qualify. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300.
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