Is it possible to buy a second home when I am underwater on my first?

Credit and mortgage advice Forums Buying Your Home Buying Your Home Is it possible to buy a second home when I am underwater on my first?

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 2 months ago.



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    Anonymous

    I currently own a home that is worth about $ 450K and I owe $ 550K. I would like to move to another town and buy a home for about $ 600-$ 700K and then rent out my current home. I already have one rental property. I have about $ 120K to put down as a down payment. Will any banks give me a loan for a second home when I am underwater on my first?



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