I’m looking to purchase a 2nd house but Wells Fargo, whom I’m in touch with, told me I need to wait for another 9 months to consider my current company RSUs, as they need 2 year history of the stock. I’m purchasing the house just after 1 year of purchasing my current primary residence, I’m looking to upgrade. Anyone know which bank might be easy to work with, for my scenario, and be able to get good mortgage rate? Please provide contact details if possible.
Are you selling your previous home? I'm in a similar situation but I haven't been in my current house for a year yet. Not sure if I can get a mortgage
Not selling… sell and buy in this market will be a disaster in the making
Are lenders strict about the 1 year timeline in current home?
How much income do you have to qualify two mortgage??
I dint ask that… Wells Fargo is not considering my rsu at all, so in a fix
How much is your first one
$1.4
So if you need to upgrade to 2M home? First home mortgage already has 1.12M, I don’t think they will loan you another 1.6M for second one.
you might rephrase the title to this question - initially it looks like you are asking for feedback to buy a " 2nd home " ( vacation home ) .......what are you planning to do with present home ? rent it? is lender able to take into consideration what the present home can rent for? Most lenders will want to see 2 yrs of RSU income
I said it’s an upgrade so not a vacation home… I will rent it out and not going to rent it and buy a home but buy and rent. In this market don’t want to sit out for a year hunting for a house. Wells Fargo did not consider how much this house will rent out but they said they need 2 years of rental income too…
Exactly. You will not qualify for second more expensive home unless you have like 1M TC
Have you tried HSBC? I know an amazing loan officer at HSBC! Your RSUs can be considered as long as you have had RSUs for the last two years, even if it's not from the same employer. If you can show your grant documents for last two years from previous employer, you should be good to go.
Can you DM me contact details?
Try LoanDepot
Stealing the thread, but does anyone know if I can get another mortgage if I'm just 6 month into my current home. I don't plan to sell this one, but just rent it out.
Same here
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Go use a mortgage broker
My concern is I have to pay 3% escrow and if the broker can’t close for whatever reason I will get screwed… with big banks I know my family income and my peers who went through them are in the same bracket and was pretty confident on closing it out, with no name brokers I’m little uncertain…