If I have been living in my home for 12 years, will I be able to get financing on another home.?

Question

This is an update on the question I asked previously. I have lived in my home for 12 years. The neighborhood is not the best anymore. I wish to move. My credit problems and disability, along with only one good income..will I get financing for another home. I will sell the one I am in now.

Answer 1

If you have been in your home for 12 years, you probably have a lot of equity in the home. So when you sell you can put a larger down payment on the new house.

The more money you put down on the new house, the easier to qualify for the loan and the better the interest rates become.

As mentioned earlier, talk with a lender and let them know everything. They will tell you how much you will need from the old house to apply for the new house.

Answer 2

If you sell the one you live on now, you should have enough for a decent down payment on the next house. The interest might be a little high because of your credit problems but you can always do a stated loan so that you dont have to show proof on income.

Answer 3

Probably --- but you have to understand a mortgage is considered on Capacity, Credit, and collateral.
When selling your current home--how much will be left for a new down payment
The new home will have to be the structure for your DTI and capacity as well as reserves
Only a loan officer will be able to answer your questions properly
I am a loan officer in TN and KY

Answer 4

There are bad credit lenders, the only way to find out is to speak to one. Contact a realtor and ask them who is their preferred lender and contact them directly and tell them your situation.

Answer 5

The best way to find out is to talk to a lendor and get pre-approved. There is no cost for that.