I have a mortgage on one home, can I get a second mortgage to pay for another house?

Question by TexasBound: I have a mortgage on one home, can I get a second mortgage to pay for another house?
I’m planning to relocate, but current owe a mortgage for $ 50k. I also have a bankruptcy on my record thats a couple of years old. I’d like to find new home in the state I choose to live in. Would I be able to get a second mortgage or refinance my current home in order to pay for a new one?

Best answer:

Answer by lendingwhiz2008
That depends on a few things.How much equity do you have in your current home?What is your credit score?What is your debt load?Yes you can get a 2nd mortgage on your current home to buy another, people do it all the time.Your income must support maintaining your current home (you should be able to get a renter in there to offset the mortgage payment or some portion there of) and support your new mortgage.You can get a loan with a BK. Many lenders require it to be discharged for 2 years, nonetheless, there are still a few lenders that will lend on a BK only being discharged 1 day.In a nutshell, yes you can, if all your other ducks are in a row.Good luck

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