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Old 12-17-2014, 02:28 PM   #1
CaramonLS
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Join Date: Mar 2003
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Default Buying a second property - Is it doable?

So, getting married and the idea of condo living doesn't exactly fit into our future plans. So we are planning on getting a house within about 1-1.5 years.

Bit of background, I've got 200k of the condo paid off, with about 120 left to go. The condo is in a pretty good location and I really don't want to sell it, with the property currently being worth ~380-390. I frequently see condos in the building renting for about $800 more than my current mortgage + fees combined.

Can I qualify for a bigger mortgage based on potential rental incomes?
How does a down payment work in this situation? Am I expected to put down the same % as I would as if I was a first time buyer?
I currently have a HELOC, can I used that for a down payment on a new place?

Just wanting to examine my options before I give up on a potentially decent income property.
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