Second Mortgage

Is is really easy is it to buy a second home and get a second mortgage?

There is a possible way that you can get second mortgage. You have to prove that your first home is rented out and that you have been consistent in paying all your mortgage payments in the past.

So will the mortgage companies look at this as a hoax if you can provide a copy of the lease agreement, or will it be included in the debt to income ratio ? Read the rest of this entry »

What does it take for you to qualify for both the loans with purchase money and get a combo loan.

As far as just second mortgage is concerned, just like a home equity loan, you need to have a pretty good credit score, good income/employment history and low DTI.

The person who qualifies for a second mortgage is one that has a credit score acceptable to the lender, enough equity in the property to warrant a second and the ability to repay the loan. Read the rest of this entry »