What are my options in getting a new mortgage; will it be a regular one or an investment mortgage?
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I bought a house a year ago and fixed it up while I was living n it. Now I want to buy a new house and rent my current one out. What are my options in getting a new mortgage; will it be a regular one or an investment mortgage?
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ghothem said:
As long as you plan to live in the new house it should be an owner occupied mortgage. However, you will need to have a written lease on your current home to count the rental income in qualifying for the new mortgage and generally they count the rental income at 50% of what you receive.
July 9th, 2009 at 4:04 pm -
Beth L said:
it depends on exactly how long ago you purchased your current home. FNMA (Fannie Mae) will acknowledge you purchase of the existing home, and in some states it must be over a year ago. Also, most Lenders will require a Comp Rent Schedule on the current home, as well as you would have to have 30% Equity in your current home in order to use if as a rental home with rental income. Maybe you can carry both payments. I work in the industry and it really is different state by state. Good Luck
July 9th, 2009 at 4:04 pm
