Can I Get a Mortgage for a 2nd Home?
We have found another home that we would like to buy that has 14 acres and a brick house. We are looking to sell our 1st home (doublewide and land- we are currently living in). We have 2 people who would like to Assume our mortgate (waiting on packet from BOA)...not sure if their credit will qualify though. We also have 3 families who are willing to put $5k down and do lease option for 5 years with $1000 monthly payments which is the mortgage payments.
Our credit scores are between 650-725 (hubby has high scores and for some reason one of my scores are 575).
Monthly income is $5400 - $6420 a month if we include what the rent will be on the first home.
All vehicles are brand new but PAID off. Only bills are utilities $200 a month for two different line of credits loans we have.
So all together with bills and utilites, we run about $800 a month with no first mortgage, $1735 counting the first mortgage if we were to just rent it.
First home is an FHA loan. Originated in 2007 for $120K but owe $110k.
New home is going to be around $140-150K agricultural so no taxes and payments estimated $1300 a month with insurance.
- $935 first home
- $800 living expenses
- $1300 2nd home
$2365 left over after paying bills and both mortgages every month.
Is it possible we could get a mortgage for our second home without selling our first home? We are waiting for the market to come back up unless someone does an assumption. We really don't have any money to put down but may could come up with $3-5K if absolutely required.
The land is considered farm land and does have 10 acres of mature pines which could always be used for emergency funds if needed.
Any input is greatly appreciated.
Apparently you misunderstood, I'm not looking for a 2nd mortgage on my mobile home I'm looking to buy a second home. And, with my last inspection the house still had an expectancy of 35 years. With PROPER maintenance and upkeep, a mobile home will last more than 18 years!
2nd- the people are wanting to sell for the main reason everyone else does...they want to move or no longer need the home, in this case, it was a family inharetince and the elderly already has a home on the lake.
What makes you think that just because someone is selling a home you have to run. We do plan on getting an inspection to prevent any suprises.
The loan is assumable and I will be released from the liability. I have checked that already.