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Q: I relocated to another state for my job with the same agency.
I now own a home in NC and in VA. My question is: what is the best way to aquire a loan for a home where I am now working while I try to sell the homes I now have? Any advice or guidance would be greatly appreciated. -- Jay
A: This is becoming a more common occurrence, especially in this job market.
Unfortunately, the advice may not what you want to hear.
Due to fraud from homeowners who would obtain fake leases for their current home so they could buy the next home, Conventional and Government loan guidelines now require that mortgages on both homes be counted against you. In my opinion, it is overkill that unfairly harms innocent buyers such as yourself. This prohibits most people from refinancing/buying.
More importantly, with the rise in unemployment, and given your relocation, I would think it is best for you to rent the old home(or try to sell) and rent your new home until you are confident that you may be there awhile.
The last thing that you want in this market is to have 2 homes; 2 mortgage payments; and a potentially long selling period.
If you end up leaving this job, you always have this home to come back to. However, if you are confident and wish to buy, you can do so, but the guidelines will be tighter. If you need advice on buying/obtaining a loan, please feel free to contact me and I will do my best to help you.
Carl Delmont
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