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Reply to "Buying a second home without selling the first"
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[quote=Anonymous]We were approved to buy before selling, but opted to sell first to avoid the stress. The lender does include both mortgages in your debt to income ratio. It may be different if you have a real life renter with a lease, but they will not consider a hypothetical renter. You also need to have assets sufficient to cover both sets of closing costs, down payment on new home, and six months of mortgage, property tax and homeowner's insurance on both homes.[/quote]
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