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Reply to "Buying a second home without selling the first"
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[quote=Anonymous]We bought our second house without selling the first. We had to have our first mortgage calculated into the equation of debt to income ratio, but otherwise it all worked out fine. First house was a conventional loan, second house was as well. We put down 10% on second house in cash AND paid up-front PMI (make sure you understand how the laws changed around PMI in 2013; it's ridiculous how some people have no clue that PMI payments are for the life of the loan in many cases now). We do have a tenant in the first house now, but the bank didn't need any of that detail because it wasn't factoring in. [/quote]
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