Can I get a second mortgage to buy another house?

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I currently own a house. I have a 30yr 420K loan for it. The interest rate is 6.25%. I just ordered a credit report and my credit score is 799. I am thinking about buying a second house. How is my chance of getting another jumbo loan? (Current household income ~250K/yr)

Can I get a second mortgage to buy another house?

Very good I think! Unless of course your monthly expense is high.

Can I get a second mortgage to buy another house?

All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower<!--and even for those with more experience! Here, we will discuss the different types of loan options, and how they work.

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First, there are two main broad categories of mortgage loans: government loans (FHA, VA, and RHS, or Rural Housing Service loans) and conventional loans (all other loans). In general, government loans have low or no down payment requirements for the purchaser-->and are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.

Can I get a second mortgage to buy another house?

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