How much down to purchase a 2nd home?

Yes they have. We should be able to count your new property as your primary residence if your income supports everything. Give me a call I can help you. 888-320-7888 - www.MortgageWholesale.net - Ken

This can certainly work. I'm local to the Carlisle area if you want to discuss in detail. www.englendingpa.com

Yes you are able to purchase. I am a wholesale rate broker who shops all the wholesale rate lenders. Usually you will need full documentation of the lease, and the reporting of it on your most recent personal tax returns helps tremendously, sometimes copy of security deposit and verification a lease payment has been deposited into your bank account creates lender confidence. This shows all the details of the property so that either a net rental income/loss can be calculated into the debt ratio. 5 down with getting approval on the new house being your primary. 10% down if we have to consider 2nd home. You have a few options to cover the closing costs by selecting a certain rate. I can explain in detail should you desire the information. The 30% requirement usually was for someone moving out of town, leasing out their house with no history of landIord experience. I HAVE overcome this lender overlay in the past. I see 90% financing all the way down to a 620 middle credit score (2nd home). This would most likely end up as a Fannie Mae loan. Feel free to pick my brain. I am the owner of the company in Allison Park, PA (15 minutes north of Pgh). Licensed by the PA Dept of Banking and President/CEO of Pennsylvania Equity Mortgage, Inc. since 2002Sincerely,Paul E KlaasPresident/CEOPennsylvania Equity Mortgage, Inc412.559.4030www.paequity.comemail paul@paequity.com

Not a problem... even back then you should have been able to purchase... that was primarily an overlay with most lenders but not all.. You will have no problem right now assuming everything else is in line, IE ratios, income, credit etc... Contact a LOCAL mortgage broker, not a bank, and certainly not of those 50 states or internet lenders... the LOCAL broker has access to numerous lending programs and is familiar with local customs, and can find you the right loan product for your particular scenario... WilliamAcres.com

Simply you have options as confirmed by all that have answered. When asking any question I would think you would want a complete answer that is specific to your situation and budgetary goals. I would recommend that you become pre-qualified directly with one of the respondent mortgage lenders myself included. That is always the best scenario as there a whole of questions that need to be answered and documented to obtain a commitment to lend - your end goal. Congrats on your new position, find reliable tenants and Welcome to Pa.

Provided that the tenant is an arm's length (non-family) tenant, under a lease agreement, you should be able to purchase a new primary residence without much hassle. Depending on how long the tenant has been in the home and whether or hot you included rental income in your 2011 taxes (you should have if you had 2011 Rental income), you may be able to use the rental income as part of your qualifying. To know for sure, contact a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com