I want to Buy a Second Home?

“I currently own a home with value about $300000 or more and loan is about 369000, I want to see if I can buy a another home and keep this one also. I have a big family and would like to get another home, my FICO is 700 or more I am a self employee I own a restaurant for three years but don’t have much to show on my taxes, what are my other option, what is the easier way to get 2nd home ASAP, I can put about 40000 down on about 250-300 thousand home. Can you give me advise, please help me out I want to buy a home ASAP.”

-Anthony

 I want to Buy a Second Home?

I want to Buy a Second Home?

First Home Purchase: $369,000
Current Value: 300,000
Your first home has been devalued approximately 15-18% on it’s actual purchase?

Although you may not show a profit in your income tax return, you will need to provide the lender additional assets that are tangible to be able to buy the second home. Tangible assets are cash, accounts receivable, inventory, property, plant and equipment, etc.

Your forty thousand dollars isn’t enough for a down payment to have an 80% ratio to loan to value (LTV). For 250,000 value you need $50,000 and for the 300,000 you need 60,000 as down payment other wise you will have to pay for the Private Mortgage Insurance (PMI). I suggest you talk to a mortgage broker, because with they are train specialists. A mortgage broker will be able to crunch the numbers and tell you everything you need to know. They will provide you with the guidence you with in to truly understand if you can afford another home.

So the fastest way to purchase another home ASAP, would be contacting a broker too see if it is even possible.

Here is a list of common documents your Mortgage Broker may ask for:

All W2 forms for each person who will be a co-borrower on the loan.
Copies of completed tax papers for the last three years.
Copies of one month’s worth of pay stubs.
Copies of the last three bank statements for every bank account, IRA, 401K, or stock account that you have.
A copy of the back and front of your canceled earnest money check.
If you are self-employed, you will also need to provide complete copies of the last two years’ business tax returns and a year-to-date profit-and-loss statement and balance sheet with original signatures.
Documentation to verify additional income
If you have had a previous bankruptcy, bring a complete copy of the bankruptcy proceedings.
If you have any judgments against you, you will need to provide a copy of recorded satisfaction of judgment.
A list of your addresses in the last seven years.

Hope this helps

Good Luck Anthony

If you know anyone in my area of Staten Island, New York that is in need of a good real estate agent, feel free to have him or her contact us as well.

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1 comment to I want to Buy a Second Home?

  • Anthony Meluzzo

    Walt,

    I like the picture of the beach, I wish that was going to be where the house is LMAO

    ,Anthony

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