Multiple Home Mortgage Question

[davans]

I own 2 homes, 1 is a Lake home on Sinclair ( possibly Air BB oppertunity ). The other is a 3/2 in Mcdonough.
I’d like to sell both and buy a small farm.

The tricky part is the financing. I have a good bit of equity in both homes but, also have mortgages.

Are there banks that would entertain floating a new loan for a 3rd property knowing that you are selling the other 2?

Im guessing that Debt to Income ratios would not fly for a 3rd mortgage And we would definitely not plan on having the others.

any ideas? 3rd party finance options?

 

[shootsacanon]

Why not sell first, then buy?

 

[Torn]

Considering current mortgage interest rates and the uncertainty of the real estate market I would sell one or both properties before buying the farm.

 

[cskiles]

FWIW - I've been looking into purchasing a second home, the discussion I had with my banker (personal friend) was that this may a good time to buy. There are still a lot of homes on the market and interest rates tend to be trending down (a little) and look like there may be a more substantial drop towards the 3rd quarter of next year. If you buy now, you can still find a property, if you wait until the interest rates drop the homes are going to be far less prevalent. I am by no means a seasoned real-estate investor, this is just what I have been told/shown..

 

[Lonegle57]

Definetly not a mortage kind of person, recently paid mine off. But would think sell one, use any profit
to pay down other mortgage or down payment on farm ? Then sell other?

 

[Gaffer1968]

Why not sell first, then buy?

Or sell at least ONE of the two and then get a 'bridge' loan to cover on the purchase of the new farm.

 

[WallsGa]

I own 2 homes, 1 is a Lake home on Sinclair ( possibly Air BB oppertunity ). The other is a 3/2 in Mcdonough.
I’d like to sell both and buy a small farm.

The tricky part is the financing. I have a good bit of equity in both homes but, also have mortgages.

Are there banks that would entertain floating a new loan for a 3rd property knowing that you are selling the other 2?

Im guessing that Debt to Income ratios would not fly for a 3rd mortgage And we would definitely not plan on having the others.

any ideas? 3rd party finance options?

HKMurkure

 

[Grub Master]

Get a HELOC. Buy the house you want and if rates go down refi. Marry the house and date the mortgage. Waiting until values go down (if and when they do) and the existing properties you own will also go down. Lots of folks sitting on the sidelines waiting for the market to collapse and it hasn’t.

 

[Peanut Butter]

Maybe TommyT can chime in.

 

[davans]

Why not sell first, then buy?

Because we would be homeless and, finding a suitable property could take a prolonged period of time.