Buying a new house without selling old house first

[DoctorWannaBe]

I'm a 4th year student who already owns a home and am wondering about the logistics of buying a new home in a new city when I start residency. With the way the market is right now, it could take several months to sell my house, so I may not have sold it before residency starts. Will it be impossible to qualify for a new mortgage if I don't sell my house first and if I have $130000 in deferred student loans? Do the doctor's mortgages ignore all your debt when considering whether to approve you, or is there another way to go about getting a new mortgage with an existing mortgage? Thanks!

---

Members don't see this ad.

 

[Tired Pigeon]

Some points to consider:

Is your current house a possible source of rental income (i.e., could you put a renter in there to cover your mortgage payment)?

What's the equity in your current place - could you pull out enough for a sizeable downpayment on a second place?

The way the market is in a lot of places right now, it's a better time to buy than to sell. If you turn the first place into a rental property & have the income to cover mortgage payments on a second place, you ought to be in pretty good shape.

Talk to a mortgage broker - they can look at your specific situation & tell you what your options are.

 

[deleted126335]

.