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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 17452
Experience:  B.A.; M.B.A.; J.D.
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I'm selling a home in Michigan and buying a home in

Customer Question

I'm selling a home in Michigan and buying a home in California. I have enough to put at least 20% down on the home in CA before selling my home in Michigan, but apparently I can't qualify for a home loan on the new home in CA before I sell my home in MI
because in determining my debt-to-income ratio, I would have to include mortgages, taxes, and home insurance on both homes in my monthly debt obligations. Is there any way I could qualify for mortgage loan to buy home in CA before I sell our house in MI? Our
plan was to rent home in Michigan if we can't sell this summer. If it helps, we will probably be able to put more than 20% down (when inheritance money comes through). Thanks.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Phillips Esq. replied 1 year ago.
Hello: This isCustomer I am a licensed Attorney and I will be assisting you today.
I'm selling a home in Michigan and buying a home in California. I have enough to put at least 20% down on the home in CA before selling my home in Michigan, but apparently I can't qualify for a home loan on the new home in CA before I sell my home in MI
because in determining my debt-to-income ratio, I would have to include mortgages, taxes, and home insurance on both homes in my monthly debt obligations. Is there any way I could qualify for mortgage loan to buy home in CA before I sell our house in MI? Our
plan was to rent home in Michigan if we can't sell this summer. If it helps, we will probably be able to put more than 20% down (when inheritance money comes through). Thanks.

Response: The only way that I see you qualifying for a new loan is if you have a new job that pays you significantly more than what you are making now or if you receive a promotion in your current job with huge increase in your pay. Otherwise, you need to sell the property in Michigan before buying a home in California, regrettably.

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