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Updated over 10 years ago on . Most recent reply

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14
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0
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Dan C.
  • Belcamp, MD
0
Votes |
14
Posts

Ways to get 5th mortgage

Dan C.
  • Belcamp, MD
Posted

I currently have mortgages on my primary residence and two rental properties that cash flow well. I have a contract on a short sale property to be used as a rental that should be closing in the next couple of months. My dream home just came on the market as a short sale, and I would like to by it as a new primary residence. My concern is that I will have 4 mortgages once the 3rd rental property closes and I don’t want to sell my current home until I would close on the dream home. The reluctance to sell my current home is due to the unknown amount of time that short sales can take (i.e. I have been waiting 2 years on SPS for the prospective 3rd rental house). This means that the loan for the dream house would put me over the standard 4 mortgages until I can sell my current home. Can I do this? Is there a mortgage broker in Vegas that someone can recommend? Will I still only need 20% down? I can fit both my current home and dream home into my DTI. All thoughts are appreciated.

Thanks

Dan

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