Can I have a second home when I’m on my underwater house first?

We have two objectives, we must achieve. 1) Buying a second home outside of our current city and 2) refinancing our mortgage is the first (of 6.5% over 30 years Updating current (15-year fixed 4.75-ish) Can I kill two birds with one stone? Can I kill a bird with one stone here is the situatioin: … We have a duplex we live on one side and rent the other, tenants pay half of our portal death, substantially, the housing market has plummeted here, my house is. worth about $ 207K $ 365K against whom he has been recognized for 3 years. I have about $ 270 on the loan . The refinancing of the traditional way is impossible. No lender wants us an opportunity because the value of the ratio was ready to take us. IWe’d like to take off our site and place for rent. We want to leave this town and buy another house about $ 320K-$ 270K. Our combined income is about $ 156K in thought is Jahr.Mein if possible, in cash of approximately $ 50K-70K out second mortgage and use the money to kill on the first mortgage, so that we reduce the amount of the mortgage, as we refinance at a lower price for experience of 15 Jahren.Glauben you think this is possible, probable and reasonable? Thanks advance for any response!
Here’s the situation: My husband and I currently have a primary residence in North Dakota, we have a mortgage (monthly payment is $ 823). We intend, in 15 years in retirement. Last year, we reviewed the properties for sale with or without a residence on it, as our primary residence is retired. This past week, we found it. Be perfect, surrounded by everything we want for our family, the State of New York, 5 hectares, orchards flow, apple and peach, 1 / 4 of Lake Ontario, across the road from a state park, 15 minutes from Amish country, a huge barn, etc. Currently, there are tenants in the property, and it is for sale by owner. The property sells $ 155k and the current owners bought it for $ 3 145k years ago. We believe it is cheap. Our credit score is between 760-770 and a low ratio of debt (no car payments, no credit card debt, a small loan of 3 years under 7k, we have for our parents to consolidate their loans and pay on time.) I think we did a good repor with suppliers. It is their second home as well, they live by the state. I talked to a handful of banks and we certainly are preapproved. The fall is that they are considering this as an investment property they currently tenants in the apartment, we agreed that they do not stay more than a year, then our apartment until we can withdraw there was. Is there anyway to get an “investment” classification, that lenders need. For 14 of 15, he is a home until we can make our first home. The classification of the lender is prepared according to strict rules. For example, we have to close 20%, plus costs, which total about 42k due at closing. It’s a lot of money! But we do now, because, as we will tighten mortgage lending practices and called for new rules to know are talking about. Thanks to this and we want inflation now, before it will cost us more money. Our plan is to have when we retire gezahlt.Bitte anyone with ideas / advice would be helpful. We are open to non-traditional ideas such as “accepting a loan” or dergleichen.Hier is what we have been given by banks: 30 year fixed points6 pay 2, 625% Payment Zinssatz20 approximately $ 1,070 per month through Voraus.Ich like to add some details and thank you to everyone who worked for the answer to my question so far contributed haben.Die current owners of the house itself in its entirety, so there is no Mortgage. Also, I know they want to sell this house so he can use money from the capital for their new home. We do not offer yet, but they already told us that ‘they are firmly on the prize, 155k, and has already been reduced by 15k. I think it is much too 155k.Hoffe that help these little things. Keep coming up with good advice.

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