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We live in SC, we have a conventional Loan and wanting to purchase a new home,can we get another conventional loan? Not selling.

by Terafr_579_164 from Greenville, South Carolina. Jun 11th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Yes you can.. you will need to qualify for both mortgages, and some lenders will require you have substantial equity and/or reserves. So if you make enough money, it's absolutely possible.. to be sure, contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 11th 2012
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Ken Burrows (mortgagesforamerica)
#20 ranked lender in Nevada - 572 contributions

Yes you can based on a couple of things. Your Debt to Income Ratio is the largest factor, if you can either pay for both homes or you have a renter in place for your current home. Give me a call tomorrow, I'm happy to help. 888-320-7888 - www.MortgageWholesale.net - Ken

Jun 11th 2012
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David Fitts (david@dffinancial.com)
#15 ranked lender in North Carolina - 5 contributions

Having two conventional mortgages is ok. Let review which loan will be best for you.David Fitts - USMC RetiredBranch Manager - NMLS#71294Equity Loans, LLC5960 Fairview Road - Suite 339Charlotte, NC 28210704-968-7356 direct | 866-254-4844 faxdfitts@equityloansnc.comwww.equityloansnc.com

Jun 11th 2012
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Christopher Jones (chrisjonesmtg)
#25 ranked lender in Illinois - 31 contributions

Yes you can. As others have correctly stated, you will need to qualify with both mortgages.

Jun 11th 2012
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Adam Groblewski (AdamGroblewski)
#35 ranked lender in South Carolina - 1 contribution

As others have mentioned, you'll need to have enough income to support both mortgages along with your other monthly obligations. If you're interested in getting pre-approved, visit my website / call / or email me sometime today.www.greenvillehomemortgage.com864-905-0030

Jun 12th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

As others have confirmed above, there is no issue as long as you meet the qualifications. I have a reputation as a very knowledgable and creative mortgage officer and if there is a way to make it work I can probably find it. Feel free to call or email me directly (Charleston, SC) pdumouchel@primelending.com or 843-343-6383. You can even call me in the evening if needed.

Jun 12th 2012
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Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

You certainly can! As has been stated you must qualify for the loan and if you would like to dicuss that with me I'd be happy to help. I am in Columbia and I work with Ikon Financial Group, in fact, I'm currently working on a mortgage for a client in the Greenville area right now. Feel free to give me a call at (803) 381-5149 to discuss, my name is Travis Torcoletti. Thank you for your question.

Jun 12th 2012
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Matt Elston (Matt.Elston)
#4 ranked lender in South Carolina - 50 contributions

Sure, give me a call and I can get you prequalified. Our "Niche" is homes on large acreage.Sincerely, Matt ElstonNMLS Id # 69609Mortgage Loan Originator, AgSouth Mortgagesoffice 803-324-1131, option 1Shortel 2306cell 803-493-1392fax 803-328-9272melston@agsouthfc.comfor US Mail delivers only to: P.O. Box 10941, Rock Hill, SC 29731-0941our Physical Location / UPS / FEDEX / is: 1321 Springdale Rd, Rock Hill, SC 29730America's Lender of Choice for Ag, Land, and Rural Homes!Apply online at: www.agsouthmortgages.com

Jun 12th 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

Yes you can, you just have to qualify with both loans as others have said. All the best!

Jun 12th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Yes, and you could also get an FHA loan if the new property is going to be your primary residence. In all cases, you will need to be able to meet your debt obligations including the new loan, without using any potential rental income. Work with a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Jun 12th 2012
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