Yes, as you are allowed up to 10 Financed Properties per traditional Conventional loan guidelines and for non-Conventional, commonly referred to as Non-QM loans there are no limits to how many properties and/or loans you can have at the same time, so long as you qualify for them.

If you are able to qualify with both mortgage payments (Current Primary Home plus the New Home) you don’t have to sell your home.

If you plan on keeping your current home as a Rental Property, then you will want to get a rental agreement in place for your departing residence as 75% your newly received Rental Income can be used to offset your old mortgage payment helping you qualify for your new home.

If both scenarios above are not possible, then it is likely you would have to sell your current home to purchase a new primary home.  Or at the very minimum to have your current home under contract with a new buyer.

But before making this determination, contact us to discuss your specific details and available options.

Want to find out if you do?  If so, feel free to give us a call, send us a message or simply get started by completing your loan application, should take you 5 – 9 mins tops!