Need advice

Hi Everyone,

I don’t know if this is the appropriate Reddit but I think someone can help. My wife and I currently own 2 homes in Florida.

Our 1st home has 214k outstanding at 3%. We just bought a 2nd home for 420k at 4.99% last month. We saw a home for 500k that we really really like I want to put an offer in on it. We have the cash for a 5% down payment but I don’t know if a lender would let us hold 3 mortgages.

We plan to sell house our 1st house and make 100k.

My questions: ————-

Would the lender allow us to hold 3 mortgages temporarily ? Our yearly income is 230k.

We would turn the 2nd house we just bought into a rental.

If it is possible, would the lender be ok with us purchasing this new home even though we just purchased a home under the premise that it would be PRIMARY RESIDENCE and we only put 5% down?

submitted by /u/searchingfortime
[link] [comments]

Hi Everyone, I don’t know if this is the appropriate Reddit but I think someone can help. My wife and I currently own 2 homes in Florida. Our 1st home has 214k outstanding at 3%. We just bought a 2nd home for 420k at 4.99% last month. We saw a home for 500k that we really really like I want to put an offer in on it. We have the cash for a 5% down payment but I don’t know if a lender would let us hold 3 mortgages. We plan to sell house our 1st house and make 100k. My questions: ————- Would the lender allow us to hold 3 mortgages temporarily ? Our yearly income is 230k. We would turn the 2nd house we just bought into a rental. If it is possible, would the lender be ok with us purchasing this new home even though we just purchased a home under the premise that it would be PRIMARY RESIDENCE and we only put 5% down? submitted by /u/searchingfortime [link] [comments]

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