With the Atlanta real estate market still in a state conducive to buying new homes in Atlanta, many homeowners are considering purchasing a second home, while holding onto or leasing out their existing home. However, the biggest concern when it comes to making this kind of purchase is securing a second mortgage.
At Academy Mortgage, we can help you secure the financing you need to own both homes. In order to purchase a second home, you will need to write a letter of explanation explaining that you intend to occupy the new property, and you must qualify for the new loan and your existing loan.
If you plan on leasing your current home and claiming it as rental income, you must have leased the property for 12 months and claimed it on your latest tax returns in order for it to qualify towards getting your second mortgage. However, that doesn’t mean you can’t lease your existing home and use that money to help pay off both mortgages.
Additionally, if your existing home is financed through an FHA loan, you must meet certain exception criteria in order to qualify for a second FHA loan.
No matter what, the best thing to do is to contact your Academy Mortgage loan officer to see what the best solution for your situation. Give us a call at 404-574-2600.
Equal Housing Lender. (c)2013 Academy Mortgage License #3113. GA Lic. # 20505. This is not a commitment to lend. Academy Mortgage Atlanta: 5565 Glenridge Connector, Suite 400. Atlanta, GA 30342. Georgia Residential Mortgage Licensee.