I am wanting to purchace a bigger home and I do not want to sale the house I have a mortage on now. I would like to use the house as a rental property. That way the renters would pay the current mortage and I could use the money I am paying out now toward the new home.
2006-08-26 05:22:04 · 4 answers · asked by cccdgr3tate 1 in Business & Finance ➔ Renting & Real Estate
If your credit is good, that shouldn't be any problem. The rental is generally treated as a wash when it comes to qualifying for a mortgage. The income doesn't help you qualify, but the mortgate on the rental isn't factored into your total debt.
I've done this several times and had 5 properties at one time, all with mortgages. My mortgage app on my current home sailed right through. I've since sold off the rentals as it was too much hassle being an absentee landlord but hever had a problem getting mortgages with my rental portfolio.
2006-08-26 05:31:40 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
It is really not hard at all. Most banks that my company works with require that the second home you purchase, the value be more than the first home. A few lenders that I work with do not care and limit you up to five properties.
If you have been making your mortgage on time and you have a good credit score,is what will get you a better rate. Even if your credit is less then perfect. It just depends on the lender that you qualify with.
I live in Washington State and I am a Mortgage Broker. If you would like more info you can email me at mmorganloans@yahoo.com. I have lenders that are licensed in all states.
2006-08-26 06:14:00 · answer #2 · answered by mmorganloans 2 · 0⤊ 0⤋
http://www.nohasslebargains.com/loan/id12.html
Home Equity Loans
Financial Services
2006-08-26 05:35:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
depends on your credit, income and fico score.
2006-08-26 05:34:50 · answer #4 · answered by I love sushi 4 · 0⤊ 0⤋