If I bought a house in 2003, can i buy another house now?

I got approved for a bank loan for $50,000. and bought a house (houses are cheap in my area). I would like to move to florida and instead of selling my house, i would like to just put my brother on the title and let him take over payments. Do you think the bank would let me take out another loan for about the same amount for a trailer in Florida? I doubt it huh? What are my options.Thanks!

If I bought a house in 2003, can i buy another house now?

The bank is going to look at your current loans (no matter if your brothers name is on the title/deed) as part of the credit equation. The bank will credit 75% of the income (the rent/mortgage that your brother pays) towards the mortgage note. In otherwords, if your brother is paying $1,000 a month, they will give you credit for $750 a month. If your mortgage is $750 a month, life is good. Otherwise, it will impact on your debt to income ratio.

Contrary to other answers, there is NOT a limit on how many homes you may buy in a year. Otherwise, I wouldn't have bought 17 of them.

That being said, most banks have limits on the number of loans they will give to you for homes. But you are not in that situation.

Loans for trailers/mobile homes are traditionally easier to get. If you have been paying your other bills, you should be able to find a lender.

Your other options are to be creative...take over some one's payments (just like the deal you are offering to your brother), or do a lease with option to buy.

Hope that helps

If I bought a house in 2003, can i buy another house now?

They might. What you should do, if possible is go into the bank with your brother and see if he can get approved for a loan on your current house. If he can, then you could sell him your house now, and have the money to buy your next one.

If I bought a house in 2003, can i buy another house now?

There are no limits on how many houses you can buy in any given year. You just have to be careful on how many people pull your credit. I have a better suggestion then you just putting your brother on title. You can actually make sure that this works for you and him both credit wise, but to answer your question, you can do that, but you must make sure that your mortgage company allows assumable mortgages.

If I bought a house in 2003, can i buy another house now?

There are some impediments, but you may be able to accomplish what you want. While your brother may take over the payments on your mortgage, you are still responsible for it. Transferring your house title to your brother may entail a gift tax. Therefore, you should arrange to sell your house to your brother. The sale can be for the remaining debt, or some other amount. For example, the sale could be for the amount you originally paid, which would mean no capital gains tax. You could take a private note and eventually forgive the debt in amounts that would not involve a gift tax. If he is able to take over the mortgage payments, he should be able to finance the purchase, which would pay off your mortgage. You may be able to convince your mortgage company to switch the mortgage to his name. If you can, or if he can finance it with a new mortgage, your mortgage would be canceled and you could then finance a house in Florida.

If I bought a house in 2003, can i buy another house now?

If it were me I would draw up a rental agreement with your brother with terms like most agreements. No need to put his name on the title if your not going to sell, could cause problems later. Then when you try to get another place in Florida, have a copy of the rental agreement with your brother with you. It could help show you have income to cover your previous home and not inter fear with your debt to get another. I have done this several times and it worked for me.

If I bought a house in 2003, can i buy another house now?

If you put your brother on title and let him take over payments, you need to hit your brother over the head now with an axe and be done with it because your relationship will never be the same again.

You will still be responsible for the mortgage regardless of him on title. The only way to not be responsible is to sell it to him or put him on title and have him refi to his name alone.

Trust me on this, what you are proposing is not a smart idea regardless of whether a bank will finance your trailer in Florida.

If I bought a house in 2003, can i buy another house now?

Bad idea to simply put your brother on the title and have him make the payments. If he defaults, you end up assuming all the payments and the house is not all yours. Why not simply Sell the house to your brother and have him get a loan for it

If I bought a house in 2003, can i buy another house now?

It is easier to buy a house than it is a trailer. The rates are higher on trailers, they require higher down payments, etc. It will be a debt to income question as to how much you get approved in Florida. You will need to get with an experienced loan person and check how to set it up. Even though you let your brother take over payments, a portion if not all of that payment will be counted as a liability in figuring your debt ratios for the new loan. In some instances, you might be required to get an enforceable lease agreement and provide that as documentation.

One thing you will find in Florida in many areas, depending on the age of the trailer, many owners are forced to finance them themselves (owner financing) as there are few financing options for mobiles, especially single-wides and units older than 1988.