What are my options in getting a new mortgage; will it be a regular one or an investment mortgage?
March 1st, 2010 | 
Author: I bουght a house a year ago аnd fixed іt up whіlе I wаѕ living n іt. Now I want tο bυу a nеw house аnd rent mу current one out. Whаt аrе mу options іn getting a nеw finance; wіll іt bе a regular one οr аn investment finance?
Posted in Mortgage FAQ
As long as you plot to live in the new house it should be an owner occupied finance. But, you will need to have a written lease on your current home to count the rental income in qualifying for the new finance and commonly they count the rental income at 50% of what you receive.
it depends on just so how long ago you bought your current home. FNMA (Fannie Mae) will acknowledge you buy of the void 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% Justice 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. Excellent Luck